Dow Rallies to Record, While S&P 500 Notches Third Straight Week of Gains

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The S&P 500 advanced Friday and extended its weekly winning streak to three, its longest since October.

Major indexes hovered around the flatline for much of the trading session before racing higher into the closing bell, with the S&P 500 and Dow Jones Industrial Average hitting fresh highs to end the week.

The broad stock market index rose 31.63 points, or 0.8%, to 4128.80, its 20th record for 2021. The benchmark notched gains for a third straight week for the first time in nearly six months. Its weekly gain of 2.7% was its largest since early February.

The Dow gained 297.03 points, or 0.9%, to 33800.60 on Friday, and the Nasdaq Composite added 70.88 points, or 0.5% to 13900.19. The indexes gained 2% and 3.1%, respectively, for the week.

Shares of technology giants were among the biggest winners in the stock market this week as investors returned to a trade that had been wildly popular for much of last year. Bond markets calmed, with yields dropping for four straight days before ticking higher on Friday.