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Dow Returns to Positive Ground for the Year

S&P has 5th straight winning week en route to new high
By Newser Editors,  Newser Staff
Posted Aug 28, 2020 3:04 PM CDT

(Newser) – The stock market wrapped up another strong week Friday with some notable milestones. The Dow rose 161 points to 28,653, putting it back into positive territory for 2020, reports CNBC. And the S&P 500 rose 23 points to 3,507, another new high that marked its fifth straight winning week, per the AP. The Nasdaq rose 70 points to 11,695. The increases came after a report showed that consumer spending in the US grew by 1.9% in July, which is down from 6.2% in June but above expectations. “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 of StoneX tells CNBC.

(Read more stock market stories.)

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