Major market indices ended the week higher Friday, pulled up by investors' confidence in an economic recovery and Big Tech.
The Dow Jones Industrial Average was up 210 points, or 0.76%, to 27,950. The S&P 500 edged toward another record close, up 0.40%, while the Nasdaq was up 0.51%.
The market responded to encouraging economic data, including that existing U.S. home sales surged a record-breaking 24.7% in July compared with June, according to the National Association of Realtors. That jump is the strongest monthly gain in the survey’s history, which dates back to 1968.
On Thursday evening, Joseph R. Biden Jr. accepted the Democratic presidential nomination. Biden served eight years as vice president and dozens of years in the Senate. His speech Thursday focused on healing a divided and grieving nation.
"The current president has cloaked America in darkness for much too long. Too much anger. Too much fear. Too much division. Here and now, I give you my word: If you entrust me with the presidency, I will draw on the best of us, not the worst. I will be an ally of the light, not of the darkness," said Biden.
According to Mike Loewengart, managing director of Investment Strategy at E*TRADE Financial Corporation, the election is now in focus for investors.
"One of Wall Street’s perennial fears of a Democratic presidency is that it supposedly threatens market-friendly policies such as lower taxes and less regulation," said Loewengart.