Stocks rebounded Friday after dropping Thursday following reports President Biden planned to propose doubling capital gains taxes on individuals earning $1 million or more. But the S&P ended Friday close to its record high amid expectations of a strong earnings report this week. For the week, the Dow fell 0.42 percent to close at 34,043.49. The S&P lost 0.11 percent to finish at 4,180.17, and the NASDAQ dropped 0.25 percent to end at 14,016.81.
Stocks rose Friday amid encouraging economic data and corporate earnings. The Dow and the S&P topped record highs; the Dow crossed the 34,000 threshold for the first time on Thursday. For the week, the Dow rose 1.18 percent to close at 34,200.67. The S&P gained 1.39 percent to finish at 4,185.47, and the NASDAQ climbed 1.10 percent to end the week at 14,052.34.
Despite an unexpected jump in jobless claims, stocks rose Friday amid the accelerating vaccine rollout and reopening optimism. Both the Dow and the S&P hit record closing highs. For the week, the Dow rose 1.99 percent to close at 33,800.60. The S&P gained 2.76 percent to finish at 4,128.80, and the NASDAQ climbed 3.13 percent to end the week at 13,900.19.
Stocks rose on the final trading day before a holiday weekend after President Biden introduced his $2 trillion infrastructure and economic recovery package. The S&P crossed the 4,000 mark for the first time. For the week, the Dow rose 1.64 percent to close at 33,153.21. The S&P gained 2.84 percent to finish at 4,019.87, and the NASDAQ climbed 3.88 percent to end the week at 13,480.11.