The Dow Jones industrial average soared 3% on Friday and other market indexes showed solid gains as investors latched onto hope about progress in the fight against the coronavirus and a restart of the economy.
The S&P 500 enjoyed to its first back-to-back weekly gains since the pandemic triggered a sell-off in February.
Investors are focusing on the possibility of a reopening economy rather than dismal economic data. Optimists point to infections leveling off in some hard-hit areas. That raises the possibility that parts of the economy could reopen, even if it’s not tomorrow, and an eventual pickup in profits.
The Dow Jones industrial average rose 705 points, to 24,242. The S&P 500 climbed 2.7%, to 2,874. And the NASDAQ closed up 1.4%, at 8,650.