S&P has another record Friday with best week since November

The Dow Jones Industrial Average rose 92.38 points, or 0.3%, to 31,148.24, led by Nike and Cisco. The S&P 500 climbed 0.4% to a record close of 3,886.83 as 10 of the 11 sectors posted gains. The Nasdaq Composite advanced 0.6% to 13,856.30, also hitting a fresh closing high.

All three major benchmarks of the stock exchange put up their best figures over the past week since November 2020. Dow gained 3.9% for the week, while the S&P 500 and the tech-heavy Nasdaq jumped 4.7% and 6%, respectively.

The Labour Department said in the data that the US added 49,000 jobs in January, slightly below the 50,000 figure economists were expecting. Unemployment rate fell to 6.3%, above the projected figure of 6.7%.

Democrats are rushing a $1.9 trillion stimulus bill for coronavirus relief, hoping to pass it without Republican support as a resolution was passed early on Friday morning through Senate. Among other financial aid, the package includes $1,400 stimulus checks, jobless benefits and funds for coronavirus testing and vaccinations.

Also on Friday, US President Joe Biden warned Republicans against efforts to pass a smaller bill, stressing that it would prolong the economy’s path to recovery.