Wall Street closed again with a record driven by the financial sector.

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source: www.cnbc.com

Wall Street closed again with a record driven by the financial sector.

The three major U.S. stock indices rose to record closing highs on Friday as financial and other business-cycle sectors rallied after a slide triggered by growth concerns during the week.

The big banks will be the first to present quarterly results, which will begin next week. A big jump in earnings is expected to mark a peak in earnings growth in the United States following recovery from last year's pandemic-induced collapse.

Analysts expect earnings growth of 65.8% for companies in the S&P 500 Index in the quarter, compared to a previous forecast of 54% growth at the beginning of the period, according to data from Refinitiv IBES.

The week also saw a strong rebound in US Treasury prices. Investors fear that the US economic recovery may be losing steam with the spread of the Delta variant of the coronavirus.

All three major US stock indexes rose to record closing highs on Friday, as financial and other business-cycle sectors rallied after a slide triggered by growth concerns during the week.

The week also saw a strong rebound in US Treasury prices. Investors fear that the US economic recovery may be losing steam with the spread of the Delta variant of the coronavirus.

The S&P financial sector led earnings, followed by energy, commodities, and industrials.

" What a turnaround from all the pessimism of yesterday (Thursday), " said Jake Dollarhide, CEO of Longbow Asset Management.

Unofficially, the Dow Jones Industrial Average rose 446.29 points, or 1.3%, to 34,868.22 units, while the S&P 500 gained 48.44 points, or 1.12%, to 4,369.26 units. The Nasdaq added 139.83 points, or 0.96% , to 14,699.61 units.

The big banks will be the first to present quarterly results, which will begin next week. A big jump in earnings is expected to mark a peak in earnings growth in the United States following recovery from last year's pandemic-induced collapse.

Analysts expect earnings growth of 65.8% for companies in the S&P 500 Index in the quarter, compared to a previous forecast of 54% growth at the beginning of the period, according to data from Refinitiv IBES.