Wall Street gained on Friday in a relief rally, driving the S&P 500 and Dow Jones Industrial Average to reach their best closing levels on record and the Nasdaq to its best levels since early 2000 following news that eurozone ministers reached a deal to extend the Greek bailout for four months.
Investors were looking for signs of progress in talks over the Greece debt condition, with the uncertainty forcing market participants to adopt cautious approach.
“The rally is as much as anything a relief rally. It’s one less worry that can be checked off,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
Among major indexes, The S&P 500 rose 12.85 points or 0.6% to complete the day at 2,110.30, with almost all its 10 main sectors closing up. The benchmark index moved up 0.6% over the week.
The Dow Jones Industrial Average trimmed early losses to a triple-digit gain, increasing 154.67 points or 0.9% to move at 18,140.44. This happened for the first time in 2015 that the blue-chip index ended at a record high and recorded a 0.7% rise over the week.
The NASDAQ Composite continued to close higher for the eighth straight session, jumping 31.27 points or 0.6% to settle at 4,952 and gaining 1.3% over the week. The tech-heavy index is leading gains in 2015, rallying 4.6% versus a gain of 2.5% for the S&P 500.
Turning to sector news, shares of airline companies were among top gainers on the day, sending the NYSE Arca Airline Index to gain 1.6 percent. The rally helped the index marked its best closing level in almost a month.
Hawaiian airlines parent Hawaiian Holdings and Delta reported saw noteworthy gains, with both climbing by 3.3 percent.
Biotechnology stocks also showed considerable strength with the 1.4 percent gain recorded by the NYSE Arca Biotechnology Index. The index kept upward momentum and reached a record closing high.
Among other major sectors showing notable strength included trucking, healthcare, and commercial real estate stocks.
On the flip side, oil service stocks continued to see significant weakness, as reflected by the 1.2 percent fall posted by the Philadelphia Oil Service Index. The sector has been struggling as crude for April delivery dropped $1.02 to $50.81 a barrel.
