The S&P 500 wobbled Friday but remained on track to notch a big weekly gain, continuing its longest winning streak since October.
The broad stock market index rose about 0.1% early Friday after closing Thursday at its 19th all-time high for 2021. The benchmark is on track to notch gains for a third straight week for the first time in nearly six months. The Nasdaq Composite slipped 0.4%. The Dow Jones Industrial Average gained 114 points, or 0.3%.
The S&P 500 and Nasdaq are on track to gain about 2% a piece this week, while the Dow is on track for a 1.4% weekly rise.
Stocks surged this week, led by sharp gains for technology companies. Bond markets calmed, with yields dropping for four straight days before ticking higher on Friday. Investors are betting that economic growth will pick up as Covid-19 vaccines and government support help revitalize social and business activity. Federal Reserve officials also reiterated this week that the central bank will continue with policy measures aimed to support the recovery.
“It’s been another week that’s reminded us how addicted to policy support we are,” said Georgina Taylor, a multiasset fund manager at Invesco. “Some of the comments out of the U.S. have cemented the market’s view that policy can’t shift any time soon, and that’s put support behind the equity market.”