Stocks on Wall Street closed higher Friday, October 1, beginning the fourth quarter of the year with buying buoyed by positive economic data, progress on the response to the coronavirus and developments in Washington regarding the possible passage of the infrastructure bill.
The performance of all three major US stock indices fluctuated earlier in the session, but began to trend higher in the late evening, led by cyclical stocks.
The rally 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 S&P500 and Nasdaq Composite posting their biggest weekly declines since February.
Based on unofficial data, the Dow Jones Industrial Average rose 488.73 points, or 1.44%, to 34332.65 points, the S & P500 index closed up 49.88 points, or 1.16%, to 4357.42 points, and the Nasdaq Composite Index increased 108.76 points, or 0.75%, to 14557.34 points.