NEW YORK (Pakistan Point News / Sputnik - 06th February, 2021) US stocks had their best week since October, with the S&P500 and tech-heavy Nasdaq indexes hitting record highs on Friday for a second straight day, as mixed US jobs data and improvement in the services sector suggested the US economy may be recovering from the worst impact of the coronavirus pandemic.
The S&P 500, a barometer for the top 500 US stocks, settled the week up 4.7 percent at 3,887, after hitting a record high at 3,895. The last time the index gained more in a week was during the week to October 29, when it finished up 7.3 percent.
Nasdaq, which reflects the performance of tech giants such as Facebook, Apple, Amazon, Netflix and Google, finished the week up 6 percent at 13,856 after a record high at 13,878.
The Dow Jones Industrial Average, the broadest gauge of the New York Stock Exchange, gained 3.9 percent to close the week at 31,148. It hit a record high of 31,272 on Thursday.
Friday's rally in stocks came after Labor Department data showed the United States gaining 49,000 jobs in January, although the rise fell short of economists' expectations. On Thursday, the Institute of Supply Management published the best services sector performance since February 2019. Combined, these suggested a recovery in an economy still under much stress from the coronavirus pandemic.
