U.S. stocks rose on Friday as investors bet again on stocks that would benefit from a potentially effective vaccine and economic recovery next year.
The Dow Jones Industrials spiked 399.64 points or 1.4%, to 29,479.81.
The S&P 500 marched 48.14 points, or 1.4%, to 3,585.15, and posted a record closing high.
The NASDAQ re-stocked 119.7 points, or 1%, to 11,829.29.
The Dow rose 4.1% for the week, and the S&P 500 closed 2.16% higher over that time period. The tech-heavy NASDAQ lost 0.6% this week, notching its third weekly loss in four weeks.
Shares of cruise operator Carnival rose more than 7%. United Airlines and Boeing were both up more than 5%. Disney closed 2.1% higher on the back of better-than-expected quarterly numbers. At the sector level, energy and industrials rose 3.8% and 2.2%, respectively, to lead the S&P 500 higher. Financials were up more than 1%.
The pause in the rally this week came as the number of coronavirus cases, and hospitalizations, keeps climbing in the U.S. An analysis of data compiled by Johns Hopkins University showed average daily new cases are up by at least 5% over the past week in at least 47 states.
Hospitalizations, meanwhile, are rising in at least 46 states.
Sentiment on Thursday soured even further after Federal Reserve Chairman Jerome Powell said the country's economic outlook remained uncertain. “With the virus spreading, the next few months could be challenging,” he said.
Prices for the 10-Year Treasury were slightly lower, raising yields to 0.9% from Thursday's 0.9%. Treasury prices and yields move in opposite directions.
Oil prices fell 99 cents to $40.13 U.S. a barrel.
Gold prices advanced $13.60 to $1,889.80