Wall Street benchmarks all reached record closing highs on Friday, rebounded from depressed levels in the previous session as market participants shook off concern over global economic growth.

The Dow rose over 445 points, while the Nasdaq and S&P 500 rose around 1%, as stocks the led losses on Thursday, including reopening plays and financials, rallied down the session.

Friday's comeback also brought all three majors averages into the green for the week, with the Dow increasing by 0.2%, while the S&P 500 and Nasdaq both gained 0.4%.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +1.13% or +48.73 points to 4,369.55

Dow Jones Industrial Average (DIA  ): +1.30% or +448.23 points to 34,870.16

Nasdaq Composite Index (QQQ  ): +0.98% or +142.13 points to 14,701.92

Biden signs executive order to promote competition in U.S. economy:

President Joe Biden on Friday signed a new executive order aimed at cracking down on anti-competitive practices in Big Tech, healthcare, labor, and various other sectors. The extensive order includes 72 actions and recommendations intended to tackle some of the "most pressing competition problems," across the U.S. economy, according to a White House fact sheet.

Highlights of the executive actions and recommendations include:

  • Calling on the Department of Justice and Federal Trade Commission (FTC) to enforce the antitrust laws vigorously and "challenge prior bad mergers," the past administrations have let slide.
  • Encouraging the FTC to ban or limit non-compete agreements and ban unnecessary occupational licensing restriction the impede economic mobility.
  • Calling on the Federal Communication Commission (FCC) to restore "net neutrality" rules.
  • Aiming to lower prescription drug prices by supporting state efforts to import cheaper drugs from Canada.
  • Asking the FCC to block exclusivity deals between landlord and broadband providers.
  • Establishing a "White House Competition Council" to lead the federal response towards large corporations growing economic power.
Biogen's Aduhelm approval now under FDA investigation:

Biogen (BIIB  ) shares fell on Friday after the head of the U.S. Food and Drug Administration (FDA) called for an investigation into the recent approval of the company's Alzheimer's drug, Aduhelm.

In the letter dated and made public Friday, Commission Dr. Janet Woodcock asked the independent Office of the Inspector General to investigate interactions between the U.S. agency and Biogen representatives prior to the drug's approval on June 7.

"I believe that it is critical that the events at issue be reviewed by an independent body such as the Office of the Inspector General in order to determine whether any interaction the occured between Biogn and FDA review staff were inconsistent with FDA policies and procedures," Woodcock said.

Here's how the market opened:

S&P 500 Index: +0.48% or +20.72 points to 4,341.54

Dow Jones Industrial Average: +0.62% or +212.88 points to 34,634.81

Nasdaq Composite Index: +0.21% or +30.90 points to 14,590.83

COVID vaccine booster not needed at this time:

Individuals who are fully vaccinated against the coronavirus do not need a booster shot at this time, the FDA and U.S. Centers for Disease Control and Prevention (CDC) said in a joint statement released Thursday evening.

"People who are fully vaccinated are protected from severe disease and death, including from the variants currently circulating the country such as Delta," the agencies said. "Americans who have been fully vaccinated do not been a booster shot at this time."

"FDA, CDC, and [the National Institutes of Health] are engaged in a science-based, rigorous process to consider whether or when a booster might be necessary," they added. "We continue to review any new data as it becomes available and will keep the public informed. We are prepared for booster doses if and when the science demonstrates that they are needed."