NEW YORK (TheStreet) -- Wall Street netted record closing highs to end its fifth consecutive week of gains thanks to its friends in the central banks of China and Europe. The record-making push over Friday's session embedded the S&P 500 and Dow Jones Industrial Average firmly in double-digit-gains territory for the year.
Notching all-time highs wasn't too difficult, though, given fresh records were set a day earlier. The S&P 500 closed 0.52% higher, just 10 points shy of its highest trading mark set over the morning session. The Dow added 0.5%, while the Nasdaq surged 0.24%, near 14-year highs.
Market gains were triggered early in the day after decisive monetary easing action out from the European Central Bank and People's Bank of China soothed investors' concerns of wilting global growth.
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"Easier money responds well," Croft Funds' portfolio manager Kent Croft told TheStreet. "Europe and China are the two biggest worries, given the size of their economies, and have been for some time so any incremental good news coming out of those countries is very positive for the markets."
The European Central Bank announced it had started buying asset-backed securities in a move to resuscitate growth in the eurozone which has teetered on the cusp of deflation. ECB President Mario Draghi also reaffirmed his commitment to direct action at a banking conference in Frankfurt.
"It is essential to bring back inflation to target and without delay," Draghi addressed the crowd, promising that the ECB was prepared to do "what we must to raise inflation and inflation expectations as fast as possible."