Stocks rose on Wall Street Friday, erasing the market’s losses from earlier in the week and avoiding a second straight weekly drop for the S&P 500.
The index rose 1.7% Friday, and some of the biggest gains came from companies whose profits are likely to jump the most if COVID-19 vaccinations and massive spending by the U.S. government juice the economy as much as economists expect. Bank stocks got a boost from some loosening of regulatory restrictions by the Federal Reserve and a continued rise in bond yields. Crude oil jumped and helped lift energy stocks.
The S&P 500 rose 65.02 points, or 1.7%, to 3,974.54.