Dow, S&P 500 Log Longest Winning Streak Since August

Stocks held onto their gains on Friday to wrap up a successful week, after a lackluster January jobs report gave investors hope the pace of stimulus negotiations would pick up in Washington, D.C. The Dow added roughly 92 points for the day, joining the S&P 500 for a fifth consecutive win -- their longest winning streak since August. The latter also nabbed another record close alongside the tech-heavy Nasdaq Composite. For the week, all three benchmarks logged their biggest weekly wins since November.

Democrats are going full-speed ahead with President Joe Biden's $1.9 trillion stimulus package, regardless of Republican support. An upbeat earnings season also gave Wall Street a leg up this week, with more than 84% of reporting S&P 500 companies beating estimates. In turn, Wall Street's "fear gauge" -- the Cboe Market Volatility Index (VIX) -- is down for its fifth-straight loss. 

The Dow Jones Industrial Average (DJI - 31,148.24) rose 92.4 points, or 0.3% on the day, and almost 4% on the week. Nike (NKE) led the Dow components with a 3.2% rise, while UnitedHealth Group (UNH) paced the laggards, falling 1.5%.

Meanwhile, the S&P 500 Index (SPX - 3,886.83) added 15.1 points, or 0.4% for the day, and 4.7% for the week. The Nasdaq Composite (IXIC - 13,856.30) was up 78.6 points, or 0.6% for the day, and 6% for the week.

Lastly, the Cboe Volatility Index (VIX - 21.77) lost 0.8 point, or 3.8% for the day, and 36.9% for the week.

WORSE-THAN-EXPECTED JOBS DATA HELPS GOLD GAIN

Oil prices surged on Friday to finish the week on a high note, with Brent crude prices working towards their highest level in over a year near the $60-per-barrel mark. Higher demand, as well as production cuts from the Organization of the Petroleum Exporting Countries' and its allies (OPEC+), helped the commodity higher. As a result, March-dated crude added 62 cents, or 1.1%, to settle at $56.85 per barrel for the day. For the week, it jumped 8.9%.

Gold prices also rose on Friday, though the safe-haven metal still posted a 2% weekly loss. A worse-than-expected January jobs reports indicated a slow recovery of the economy, giving the commodity a boost after a volatile week positioned its counterpart, silver, as the internet's latest trading target. In response, April-dated gold added $21.80, or 1.2%, to settle at $1,813 an ounce.