Wall Street celebrated on Friday after tech companies and industrials powered US stock markets to five straight days of growth, despite continuing fears over Europe’s debt crisis and continued liquidity.
The Dow Jones Industrial Average rose 4.7 percent for the week to close at 11,509.09, back above its closing level from Aug. 5, just before Standard & Poor’s downgrade of the US roiled global markets.
The last time that the Dow enjoyed five consecutive days of growth was in late June.
The S&P 500 gained 5.35 percent for the week to close at 1,216.01, while the tech-heavy NASDAQ Composite surged 6.25 percent to 2,622.31.
“We’ve seen good leadership in technology, in banks, in retails. This is positive. It has been a very constructive week,” said Marc Pado, US market strategist for Cantor Fitzgerald.
Strong performers included chipmaker Intel, up 11.5 percent; Apple, up 6.1 percent; and Cisco, the maker of networking hardware, up 5.1 percent over the past week.
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