The S&P 500 closed at a record high on Friday as optimism built among investors that a coming vaccine for coronavirus will help end the shutdowns that have devastated the economy. Markets also welcomed the election of Joe Biden as president and the likelihood of GOP control of the Senate, setting up a divided government that will probably mean a continuation of business-friendly policies. Small-company stocks outpaced the rest of the market this week, reflecting greater confidence in the economy. The Russell 2000, which tracks smaller companies, closed at a record high for the first time since August 2018.
The S&P 500 rose 48.14 points, or 1.4%, to 3,585.15.
The Dow Jones Industrial Average added 399.64 points, or 1.4%, to 29,479.81.
The Nasdaq composite rose 119.70 points, or 1%, to 11,829.29.
The Russell 2000 small-cap index rose 35.57 points, or 2.1%, to 1,744.04.
For the week:
The S&P 500 closed up 75.71 points, or 2.2%.
The Dow was up 1,156.41 points, or 4.1%.
The Nasdaq closed down 65.94 points, or 0.6%.
The Russell 2000 was up 99.88 points, or 6.1%.
For the year:
The S&P 500 is up 354.37 points, or 11%.
The Dow is up 941.37 points, or 3.3%.
The Nasdaq is up 2,856.68 points, or 31.8%.
The Russell 2000 is up 75.57 points, or 4.5%.