Stocks climbed higher to close out trading at their session highs as market participants remained optimistic towards the U.S. economic recovery as the national vaccine rollout continues to accelerate. Both the Dow Jones and S&P 500 closed at record highs, while the Nasdaq recovered earlier losses and also notched a new record high.
For the week, the Dow rose by 2%, the S&P gained about 2.7%, and the Nasdaq outperformed at 3.1% as major tech names rallied for multiple sessions.
Meanwhile, producer prices in the United States increased by a more-than-expected 1% in March over February, rising from the 0.5% gain from the prior month, the Bureau of Labor Statistics reported on Friday. Year-over year, the PPI jumped 4.2%, marking its largest annual gain is more than nine years.
The 10-year U.S. Treasury yield rose slightly higher to 1.66% following the U.S. inflation data report.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): +0.77% or +31.61 points to 4,128.78
Dow Jones Industrial Average (NYSE: DIA): +0.89% or +297.03 points to 33,800.60
Nasdaq Composite Index (NASDAQ: QQQ): +0.51% or +70.88 points to 13,900.19
For Stocks, Boeing (NYSE: BA) shares fell on Friday as the aerospace manufacturer asked major airlines to ground dozens of 737 MAX aircraft in order to resolve a new electrical issue with the jets. FuboTV (NYSE: FUBO) jumped after the streaming company won the exclusive streaming rights to the qualifying matches of the Qatar World Cup 2022.
For Sector Performance, sectors ended Friday's session mostly higher, with only Consumer Staples (NYSE: XLP), Utilities (NYSE: XLU) and Energy (NYSE: XLE) closing in negative territory. Health Care (NYSE: XLV) and Consumer Discretionary (NYSE: XLY) led gains.
For Commodities and Currency, the U.S. Dollar (NYSE: UUP) rose slightly higher against other currencies on Friday, as a stronger-than expected rise in U.S. inflation gauges lifted bond yields. The dollar index, which tracks the greenback against six global currencies, was up 0.10% higher at 92.163. Gold (NYSE: GLD) prices declined against the strengthening dollar, but the yellow metal ended the week with gains. Spot gold was 0.7% lower at $1,744.07 per ounce in later market trading, with pricing up about 0.9% for the week. U.S. gold futures settled lower by 0.8% to $1,744.80 per ounce. Crude oil futures edged lower on Friday as rising supplies from major producers impacted demand outlooks. International benchmark Brent Crude (NYSE: BNO) settled lower at $62.95 per barrel, while domestic index West Texas Intermediate (NYSE: USO) declined by 0.47% to $59.32 each.
For the week ahead, traders will turn their attention to the start of the new earnings season, with reports including JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS), Bank of America (NYSE: BAC), and Goldman Sachs (NYSE: GS).