© Reuters. Traders work at the New York Stock Exchange on September 29, 2021. Photo: Brendan McDermid/Reuters.
(Reuters) – Wall Street stocks closed higher on Friday, beginning the fourth quarter with buying buoyed by positive economic data, progress on the response to COVID-19 and developments in Washington over the possible passage of an infrastructure bill.
The performance of all three major US stock indexes fluctuated earlier in the session, but began to trend higher late in the evening, led by cyclical stocks.
The rise gained momentum after the White House announced that US President Joe Biden was getting more involved in negotiations over the infrastructure spending bill being discussed in Congress.
However, all three indices closed below their closing level last Friday, with the Standard & Poor’s 500 and Nasdaq Composite recording their biggest weekly declines since February.
According to unofficial data, the industrial index rose 488.73 points, or 1.44 percent, to 34,332.65 points, the Standard & Poor’s 500 index closed up 49.88 points, or 1.16 percent, to 4,357.42 points, and the Nasdaq Composite Index increased 108.76 points, or 0.75 percent, to 14,557.34 points.
(Prepared by Mahmoud Salama for the Arab Newsletter)
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