At the close of trade, the Dow Jones Industrial Average index advanced 27.70 points, or 0.09%, to 31,458.40. The S&P 500 index added 18.45 points, or 0.47%, to 3,934.83. The tech-heavy Nasdaq Composite Index added 69.70 points, or 0.5%, to 14,095.47.For the week, the Nasdaq surged up by 1.7%, while the S&P 500 and the Dow jumped by 1.2% and 1%, respectively. U.S. stock markets will be closed on Monday on account of the U.S. Presidents Day holiday.
U.S. stocks advanced as investors looked toward signs that Washington is moving ahead with a spending bill. A House committee on Thursday approved half of Biden's relief plan, advancing $1,400 payments to millions of Americans alongside other measures opposed by Republican lawmakers. Treasury Secretary Janet Yellen called for further fiscal support in a virtual meeting with G7 finance ministers and central bank governors.
U.S. President Joe Biden turned to a bipartisan group of local officials for support on his $1.9 trillion coronavirus relief plan to help millions of unemployed workers and for schools to reopen.
President Joe Biden said on Thursday that his administration has secured deals for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the U.S. total to 600 million. He added the U.S. will have enough supply for 300 million Americans by end of July.
Traders largely shrugged off a preliminary report from the University of Michigan showing an unexpected deterioration in U.S. consumer sentiment in the month of February. The preliminary University of Michigan consumer sentiment index fell from 79 to 76.2 in February.
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