(CNBC) Stocks rose on Friday to wrap up another strong week on a high note as the Dow Jones Industrial Average erased its losses of 2020.
The 30-stock Dow closed 161.60 points higher, or 0.6%, at 28,653.87. The S&P 500 gained 0.7% to close at 3,508.01. It was the index’s first-ever close above 3,500. The Nasdaq Composite advanced 0.6% to end the day at 11,695.63.
Friday’s gains put the Dow in positive territory for the year. The Dow had not sported a year-to-date gain since late February, when it traded around an all-time high. After Friday’s close, the Dow was up 0.4% for 2020.
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“The industrials are the last of the major broad indexes to” erase their 2020 losses, said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “To some extent, this is psychologically positive for the market.”