The Dow Jones Industrial Average rose on Friday, on track for its second straight week of gains, as optimism over a Covid-19 vaccine led investors to pile into previously underperforming sectors like energy and banks.
In a striking reversal, investors have pulled away from the highflying technology stocks that had powered the market higher since March, and shifted into economically sensitive stocks seen as likely to benefit from a post-pandemic recovery.
The Dow industrials climbed 446 points, or 1.5%, in Friday afternoon trading. The blue-chips index has rallied 4% this week.
The S&P 500 rose 1.5%, putting it on track for a weekly gain of about 2.3%. The tech-heavy Nasdaq Composite rose 1.1%, recovering some ground from recent days but still on track for a 0.5% loss.
The last week when the Dow outperformed the Nasdaq by such a wide margin was 2002, according to Dow Jones Market Data.