S&P 500 Nabs Best Week Since February

Wall Street closed on a high note Friday, with all three major indexes nabbing comfortable weekly gains, an impressive turnaround from last week's trough. The Dow clawed even closer to record highs with a 237-point pop and its largest weekly win since March 12. The S&P 500 scored its second-straight record close and clocked its best week since February. If there was one blemish, it was the Nasdaq snapping a four-day win streak. 

An expedited, but expected, rise in the core personal expenditures price index helped maintain momentum today, as it backed up the Federal Reserve's recent assertions that inflation will be temporary while reinforcing the belief that the economy is still enjoying a strong and speedy recovery. Investors also cheered the finalized infrastructure deal in Washington D.C., which will include $579 billion in new spending on roads, bridges, and electric vehicle transit. 

The Dow Jones Average (DJI - 34,433.84) added 237 points, or 0.7% for the day, and 3.4% for the week. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 15.5%, while Caterpillar (CAT) fell to the bottom, shedding 1.4%.

Meanwhile, the S&P 500 Index (SPX - 4,280.70) rose 14.2 points, or 0.3% on the day, and saw a 2.8% weekly jump. The Nasdaq Composite (IXIC - 14,360.39) lost 9.3 points, or 0.1% for the day, but rose 2.4% for the week. 

Lastly, the Cboe Volatility Index (VIX - 15.62) dropped 0.4 points, or 2.2% for the day, and shed 24.5% for the week, marking its biggest weekly drop since February.

REOPENING OPTIMISM PUSHES GOLD TO 5TH-STRAIGHT WEEKLY JUMP

Oil prices rose today, and nabbed their fifth-weekly rise, as demand optimism heightened and the global economy continues to bounce back. As a result, the now most active, August-dated contract added 75 cents, or 1%, to settle at $74.05 per barrel, with a 3.9% climb on the week.

Gold prices also jumped, marking their first weekly win in four weeks as well, as investors pored over the latest inflation data. In turn, August-dated gold rose $1.10, or 0.1%, to settle at $1,777.80 an ounce, with a 0.5% weekly win.