Wall Street staged a small rally on Friday, propelling the S&P 500 to yet another record closing high and pulling the Dow Jones officially out of its coronavirus pandemic-induced bear market. Investor sentiment was positive as market participants the Federal Reserve's new policies to help keep the economy afloat, as well as fresh economic data that shows the financial crisis may be stabilizing. For the week, the Nasdaq led with a 3.39% gain, the S&P 500 was not too far behind with a 3.26% gain, and the Dow Jones followed with a 2.59% gain.

The boarder market gains on Friday came after the release of data on consumer spending and personal income from the U.S. Commerce Department. Both rose higher than expected for July, with consumer spending increasing 1.9% and personal income bumping up 0.4% when it was expected to decline.

"The July estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments continued but were at a lower level than in June, and government "stay-at-home" orders lifted in some areas of the country. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified," the Commerce Department said in a statement.

Here's how the market settled to close-out the week:

S&P 500 Index (SPY  ): +0.67% or +23.46 points to 3,508.01

Dow Jones Industrial Average (DIA  ): +0.57% or +161.60 points to 28,653.87

Nasdaq Composite Index (QQQ  ): +0.60% or +70.30 points to 11,695.63

For Major Stock News, tech shares continued to drive the broader market higher, with Alphabet (GOOGL  ), Amazon (AMZN  ), Apple (AAPL  ), Facebook (FB  ) and Tesla (TSLA  ) all closing at record highs. Coca-Cola (KO  ) also led the Dow higher after the beverage giant announced new restructuring plans that would streamline its portfolio to focus on its larger, more popular brands. The plan, however, will lead to 4,000 voluntary job cuts with involuntary ones expected to follow. MGM Resorts International (MGM  ) shares fell following a similar announcement where the casino and resort chain has notified 18,000 previously furloughed employees that their job cut will now be permanent.

For Sector Performance, every industry was boosted by Friday's rally. The positive performance increases were as follows: Energy +1.85%, Materials +1.10%, Information Technology +0.96%, Consumer Staples +0.93%, Industrials +0.92%, Real Estate +0.72%, Consumer Discretionary +0.49%, Financials +0.45%, Communication Services +0.32%, Utilities +0.27%, and Health Care +0.20%.

For Commodities and Currency, the U.S. Dollar (UUP  ) fell on Friday as the Fed's new policy suggested that interest rates will remain low. The dollar's index was 0.5% lower. Gold (GLD  ) prices surged on Friday, following Thursday's sell off, as the U.S. dollar weakened. Spot gold rose 1.9% to price at $1,964.62 per ounce, while futures ticked up 2.2% to settle at $1,974.90. Crude oil prices fell slightly lower as Hurricane Laura impacted major locations for the U.S. oil industry in Louisiana and Texas. Companies like Exxon Mobil (XOM  ) were able to restart operations on Friday. International benchmark Brent Crude (BNO  ) settled only cents lower at $45.04 per barrel, while West Texas Intermediate (USO  ) slipped 0.2% lower to settle at $42.97 per barrel.

For the week ahead, market participants will still focus on coronavirus headlines as well as August's jobs report due at the end of the week.