Stocks rebounded from their previous session declines on Friday as traders reassessed reports that President Joe Biden is looking to increase the U.S. capital gains tax. All market averages rose, with the Dow jumping over 200 points on the back of rising Goldman Sachs (GS  ) and JPMorgan (JPM  ) shares.

Despite Friday's gains, all three benchmarks ended the week with losses. The S&P 500 slipped 0.1% lower, with the Dow and Nasdaq lost 0.5% and 0.3%, respectively.

Meanwhile, activity in both the private U.S. services and manufacturing sectors soared to record highs in April as the economy continues to recover from pandemic lows. The U.S. Manufacturing Sector's preliminary Purchasing Managers' Index (PMI) for April rose to 60.6 from 59.1 in March, according to IHS Markit's Friday report. The U.S. Services Sector preliminary PMI rose at an even faster pace, climbing to 63.1 in April from 60.4 in March, according to IHS Markit.

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

S&P 500 Index (SPY  ): +1.09% or +45.22 points to 4,180.20

Dow Jones Industrial Average (DIA  ): +0.67% or +227.92 points to 34,043.82

Nasdaq Composite Index (QQQ  ): +1.44% or +198.39 points to 14,016.81

For Stocks, Snap (SNAP  ) shares rose after the media company said it saw accelerating revenue growth and strong user data during the first quarter. Spotify (SPOT  ) shares jumped higher after Jefferies initiated coverage of the stock with a buy rating, saying that Spotify will benefit from the growth of the creator economy.

For Sector Performance, sectors closed mostly higher, with only Consumer Staples (XLP  ) and Utilities (XLU  ) slipping into the red. Financials (XLF  ), Materials (XLB  ) and Information Technology (XLK  ) led gains.

For Commodities and Currency, the U.S. Dollar (UUP  ) declined against six other major currencies on Friday as U.S. Treasury yields declined and the Euro gained. The dollar index was 0.5% lower at 90.86 in late afternoon trading. Gold (GLD  ) prices fell from earlier gains despite a weaker dollar and U.S. Treasury yields. Spot gold slipped 0.4% to $1,777.24 per ounce in later trade, while U.S. gold futures settled 0.2% lower at $1,777.80 per ounce. Crude oil futures rose on Friday on more optimism towards fuel demand recovery in both the U.S. and Europe. International benchmark Brent Crude (BNO  ) increased by 1.09% to settled at $66.11 per barrel, while domestic index West Texas Intermediate (USO  ) settled 1.16% high at $62.14 each.

For the week ahead, market participants will focus on corporate quarterly earnings from mega-cap companies like Alphabet (GOOG  ), Amazon (AMZN  ), Apple (AAPL  ), Facebook (FB  ), Microsoft (MSFT  ) and Tesla (TSLA  ).