Stocks Ended Sharply Higher, S&P 500 Jumped to Record Close

U.S. stocks ended sharply higher on Friday, with the S&P 500 closing at a record high, as investors continue to gauge the rise in COVID-19 cases. The Dow Jones Industrial Average rose 399.64 points, or 1.37%, to 29,479.81. The S&P 500 gained 48.14 points, or 1.36%, to 3,585.15. The Nasdaq Composite advanced 119.70 points, or 1.02%, to 11,829.29. For the week, the Dow rose 4.1%, the S&P 500 gained 2.2%, but the Nasdaq fell 0.6%.

Oil futures settled with a loss on Friday, pressured by a rapid climb in COVID-19 cases and an unexpected weekly climb in U.S. crude supplies. West Texas Intermediate crude for December delivery fell 99 cents, or 2.4%, to settle at $40.13 a barrel and finished nearly 8.1% higher for the week. January Brent crude lost 75 cents, or 1.7%, at $42.78 a barrel and was up 8.4% for the week.