EDITOR'S NOTE

Make it five weeks in a row for the S&P 500 and Nasdaq Composite.

Both market benchmarks ended Friday’s session with weekly gains of more than 3% and notched their fifth consecutive weekly advances. This marks the S&P 500’s first five-week winning streak since late 2019. It’s also the longest run for the Nasdaq since a six-week win streak that ended in January.

"For now, stocks seem to be enjoying the best of both worlds as they are seeing signs of improving economic momentum while monetary stimulus continues to be very accommodative – and more fiscal stimulus is likely on the way," Yousef Abbasi, global market strategist at StoneX, said in a note. 

This week’s gains were driven in part by some of the major tech names. Facebook, Amazon, Netflix, Alphabet and Microsoft were all sharply higher.

Bank stocks contributed to the week’s rally as Treasury yields rose on the back of a major inflation policy change from the Federal Reserve. JPMorgan Chase, Bank of America and Citigroup all climbed more than 5% week to date.

Next week could be a tough one for investors as Wall Street braces for the August jobs report release.

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