US stocks closed their first trading week at record highs

US stocks closed their first trading week at record highs

US stocks closed their first trading week in 2021 at record highs. The outlook for new fiscal stimulus in the US has improved market sentiment. The key US Dow Jones Industrial Average gained 0.18 percent on Friday to close at 31,097.97 points. The broader S&P 500 rose 0.55 percent to 3,824.68 points on Friday and the Nasdaq Composite technology index rose 1.03 percent to 13,201.98 points. For the first week of 2021, the S&P 500 rose 1.83, the Dow Jones 1.61 and the Nasdaq 2.43 percent. Both the Dow Jones and the S&P 500 saw four days of uninterrupted growth. The engine of the strengthening of the Dow Jones index was the shares of the Coca-Cola Group, which improved by 2.2 percent. The Nasdaq was mainly supported by Tesla shares, which rose by 7.8 percent. Investors ignored negative labor market news and instead focused on mood indicators and hopes that Joe Biden's new administration will receive further stimulus, said Goldman Sachs analyst Chris Hussey.