The Dow Jones added 188 points to close at 13,076, the S&P 500 advanced 26 points to 1389, and the NASDAQ ended higher by 65 points to finish at 2958. The major averages moved higher on the week with the Dow Jones posting a gain of 2%, the S&P 500 higher by 1.7%, and the NASDAQ up 1.1%.
Stocks rallied throughout the day on speculation that the Federal Reserve and the European Central Bank are close to providing further stimulus.
Economic data also played a factor in the session as readings for second quarter GDP and consumer sentiment topped consensus expectations.
All 10 sectors on the S&P ended higher. Health Care and Financial stocks were the best performers. United Health Group added $1.33 to $53.34 and Bank of America gained 14 cents to $7.31. On the earnings front, Amazon.com advanced $17.31 to $237.32 and Gilead Sciences ended higher by $3.82 at $55.50 following their better-than-expected profit tallies. On the downside, Facebook fell $3.14 to $23.70 and Starbucks gave up $4.94 to $47.47 after both companies reported disappointing quarterly results.
Composite volume on the NYSE was 4.3 billion shares with advancers besting decliners by a margin of 5-1. The NASDAQ was 3-1 positive on issues.
Turning to fixed income, Treasuries were lower along the curve with the benchmark 10-year note falling by 7/8 of a point to yield 1.54%.