Wall Street looked like it was going to close the week in tame fashion, but buyers rushed in during the final hour to send all the major indices to strong gains.
The Commerce Department reported Friday that personal income declined by 7.1% in February, slightly better than the 7.3% drop economists were expecting in a month with storm disruptions, fewer working days and no stimulus checks.
However, consumer spending declined 1% last month, undershooting estimates of a 0.7% decline – but that should snap back in March thanks to outgoing stimulus checks.
The Dow Jones Industrial Average (+1.4% to 33,072) and the S&P 500 (+1.7% to 3,974) were both en route to modest gains, and then a final-hour rally propelled them to new all-time highs. The industrial average was