Stocks ended a volatile week on a high note, with all three market averages closing higher on Friday as sentiment was boosted by economic reopening optimism. The positive momentum led to the Dow and S&P 500 gaining about 1.4% and 1.6%, respectively, for the week, while the Nasdaq slightly fell 0.6%, as valuation concerns and climbing interest rates affected tech names all week.
In U.S. economic news, personal income and consumer spending rates fell in February at a more-than-expected rate, according to the Commerce Department. Personal income dropped by 7.1% in February following a 10.1% surge in January, supported by the $600 stimulus checks given out at the start of the year. Consumer spending fell by 1%, partially reversing January's 3.4% gain.
Meanwhile, consumer sentiment rose to its highest level in a year in March, as stimulus checks and the accelerating vaccine rollout boosted economic sentiment. The University of Michigan's final March consumer sentiment index reading was 84.9, up from February's 76.8 and from the preliminary monthly reading of 83.0.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Stocks, shares of big bank names like Bank of America
For Sector Performance, sectors ended the session mostly in the green, with only Communication Services
For Commodities and Currency, the U.S. Dollar
For the week ahead, traders will look to make end-of-quarter decisions amid the shortened U.S. holiday week.