Dow Jones Industrial Average rises 161 points
The Dow jumped 161.60 points, or 0.6%, to 28,653.87. The S&P 500 climbed 0.7% to close at 3,508.01. The Nasdaq Composite advanced 0.6% to end the day at 11,695.63. Stocks ended the week on a high note, with the Dow erasing its 2020 losses.
Dow positive for 2020
The 30-stock average joined the S&P 500 and Nasdaq as it clawed its way back into positive territory for the year. "To some extent, this is psychologically positive for the market," Randy Frederick, vice president of trading and derivatives at Charles Schwab. Those gains came after the release of positive economic data. U.S. consumer spending rose 1.9% in July, topping a Reuters forecast of a 1.5% gain, the Commerce Department said. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.
Coca-Cola, Walmart lead Dow
Coca-Cola shares jumped 3.3% to lead the Dow higher on Friday. The move came after the company announced a restructuring plan that would streamline its drink portfolio to focus on its larger and more popular brands. Walmart also contributed to the gains, advancing 2.7%.Â
What happens next?
Traders will brace themselves for the the end of the month on Monday as well as key employment data set for release later next week.Â
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