The S&P 500 index rose 0.9% this week, hitting fresh records in a broad climb, led by the financial sector, as most quarterly earnings results continued to come in above expectations. July payroll showed stronger than anticipated job growth.
The week’s gains more than erased last week’s 0.4% decline, which had come amid concerns that the economic recovery may be slowing, especially from impacts of the Delta variant of COVID-19. However, investors shifted their focus this week back to corporate earnings results and economic data, where they found signs of hope.
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