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the Dow (UNDUE) finished up 1.4%, or 400 points. Cisco (CSCO), which released results Thursday night, was the Dow Jones’ best performance.
The largest S&P 500 (SPX) climbed 1.4% and the Nasdaq composite (COMP) closed 1% higher.
Looking at the week in total, the Dow and S&P recorded gains while the Nasdaq recorded a loss.
It has been a turbulent week for stocks, which rallied on Monday after Joe Biden was screened to win the election and the drugmaker Pfizer (PFE) announced test data that showed its coronavirus vaccine to be 90% effective.
But stocks have retreated as some states reimposed rules to limit the spread of the virus in the face of rising infections. Fears that the trend could dampen the economic recovery weighed on optimism mid-week.
To make matters worse, Federal Reserve Chairman Jerome Powell had some sobering words for investors on Thursday when he said the resurgence was a major risk to the economy. Powell also reiterated that more stimulus is likely needed to stimulate the economy.
But on Friday, investors appeared to put those concerns aside again.
The Trump administration, meanwhile, dropped its legal challenge to the Arizona election result on Friday.
CNN also projected Friday that Biden would win Georgia, making him the first Democrat to win the state since Bill Clinton in 1992. President Donald Trump has yet to concede the race.
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