Stocks closed broadly higher on Wall Street on Friday, with gains by technology firms and retailers lifting the market to a strong finish for the week.
Financial, healthcare and consumer stocks also helped lift the market. The gains erased losses from last week, which was the S&P 500’s worst week of the year. The benchmark index finished Friday at 2,822.48 points, up 12.6% for the year and down 4% from the record high set in September.Technology stocks had their best week since November. Apple gained 7.6% this week, its best showing since August. Industrial stocks lagged behind the overall market Friday.
“There’s so much importance placed on these geopolitical risks,” Nixon said. “They have to be resolved for the market to go forward.” Traders are also confident that the Federal Reserve will hold off on any action that could jeopardize economic growth. The U.S. central bank, which signaled in January that it wasamid a slowdown in global growth and the absence of inflation pressures, is having a meeting of policymakers next week.
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