U.S. stocks rallied Friday, pushing the Dow Jones Industrial Average across the 35000 closing milestone for the first time, in a striking rebound from major indexes’ pullback earlier this week.
All three major U.S. stock indexes finished Friday at all-time highs after each posted weekly gains of more than 1%.
At the start of the week, all three indexes had dramatic falls. On Monday, the Dow slid roughly 725 points, or more than 2%, as anxiety mounted over the Delta variant of the coronavirus. Investor concern over the U.S. economy’s potential slowing exacerbated the fall.
By Tuesday, stocks sharply reversed course, kicking off a four-day streak of gains. With Monday’s pullback in the rearview mirror, investors turned their attention to a string of strong earnings. Meanwhile, across other asset classes, Treasury yields recovered after also sliding Monday. Oil markets ended the week with gains after plummeting sharply to start the week, too.
“If you had called me on Monday and said, ‘Are we going to be seeing new highs on Friday?’ I’d say there was a low probability,” said Keith Lerner, chief market strategist for Truist Advisory Services. “It just goes to show how quickly this market moves.”
