<p>Wall Street stocks capped a strong week with fresh records on Friday, fueled by on optimism over more fiscal stimulus spending and progress on coronavirus vaccines.</p>.<p>The broad-based S&P 500 finished up 0.4 per cent at 3,886.83, while the tech-rich Nasdaq Composite Index climbed 0.6 per cent to 13,856.30. Both were at all-time highs.</p>.<p>The Dow Jones Industrial Average gained 0.3 per cent to 31,148.24.</p>.<p>Analysts said President Joe Biden's $1.9 trillion federal relief package picked up momentum from Friday's lacklustre US jobs report.</p>.<p>The closely-watched jobs data showed the unemployment rate dropped to 6.3 per cent in January but the economy added only 49,000 jobs, the Labor Department said Friday.</p>.<p><strong><a href="https://www.deccanherald.com/business/business-news/dollar-drops-after-us-jobs-report-chills-rally-948153.html" target="_blank">Read | Dollar drops after US jobs report chills rally</a></strong></p>.<p>Economist Joel Naroff expects Washington to produce another relief package "within the next few weeks," he said in a note.</p>.<p>"The economy is being supported by the federal government and the markets are reaping the rewards," Naroff wrote.</p>.<p>Adding to the positive momentum was news that Johnson & Johnson submitted an application with US health authorities for emergency authorization of its Covid-19 vaccine.</p>.<p>The process could take several weeks, but if approved, the vaccine would be the third authorized in the United States, after those of Pfizer-BioNTech and Moderna.</p>.<p>The J&J vaccine is considered especially promising because it only requires one shot, unlike the other options already being used. J&J jumped 1.5 per cent.</p>.<p>Ford rose 1.2 per cent after the auto giant announced a dramatic acceleration of its investment push into electric autos and said it would pursue an additional venture with technology companies.</p>
<p>Wall Street stocks capped a strong week with fresh records on Friday, fueled by on optimism over more fiscal stimulus spending and progress on coronavirus vaccines.</p>.<p>The broad-based S&P 500 finished up 0.4 per cent at 3,886.83, while the tech-rich Nasdaq Composite Index climbed 0.6 per cent to 13,856.30. Both were at all-time highs.</p>.<p>The Dow Jones Industrial Average gained 0.3 per cent to 31,148.24.</p>.<p>Analysts said President Joe Biden's $1.9 trillion federal relief package picked up momentum from Friday's lacklustre US jobs report.</p>.<p>The closely-watched jobs data showed the unemployment rate dropped to 6.3 per cent in January but the economy added only 49,000 jobs, the Labor Department said Friday.</p>.<p><strong><a href="https://www.deccanherald.com/business/business-news/dollar-drops-after-us-jobs-report-chills-rally-948153.html" target="_blank">Read | Dollar drops after US jobs report chills rally</a></strong></p>.<p>Economist Joel Naroff expects Washington to produce another relief package "within the next few weeks," he said in a note.</p>.<p>"The economy is being supported by the federal government and the markets are reaping the rewards," Naroff wrote.</p>.<p>Adding to the positive momentum was news that Johnson & Johnson submitted an application with US health authorities for emergency authorization of its Covid-19 vaccine.</p>.<p>The process could take several weeks, but if approved, the vaccine would be the third authorized in the United States, after those of Pfizer-BioNTech and Moderna.</p>.<p>The J&J vaccine is considered especially promising because it only requires one shot, unlike the other options already being used. J&J jumped 1.5 per cent.</p>.<p>Ford rose 1.2 per cent after the auto giant announced a dramatic acceleration of its investment push into electric autos and said it would pursue an additional venture with technology companies.</p>