Aug. 21 (UPI) — The S&P 500 and Nasdaq Composite set new record closes Friday, erasing their pandemic losses despite an up-and-down week.
The S&P 500 closed up 12 points or 0.3% for the day, and finished the week up 17 points. The Nasdaq was up 47 points or 0.42% Friday, and finished the week up 228 points.
Both stock indexes overcame dramatic losses Thursday amid concerns from the Federal Reserve that the COVID-19 pandemic will continue to weigh heavily on the U.S. economy.
The Nasdaq’s earnings were boosted by gains by Apple and Tesla, while Apple also helped out the S&P 500.
The Dow Jones Industrial Average closed up 190 points or 0.69% on Friday, nearly making up for its losses on the week. It closed down about 40 points compared to last week.
Friday’s gains were largely influenced by recent positive economic data, though Keith Warner, chief market strategist for Truist/SunTrust Advisory Services, warned MarketWatch that “it’s a grind right now.”
“We are in a seasonably choppier time heading into elections. We might get some consolidation. Until things change you still want to stick with what’s working. Technology, homebuilders, other areas like industrials are starting to look a little better. Don’t force the value trade, wait for confirmation.”