Wall Street closes with weekly gains

Wall Street's three main indexes ended Friday higher, with the S&P 500 and the Dow breaking closing records and booking their fourth straight week of gains.

The Dow rose more than 160 points while the S&P and Nasdaq also made gains.

Government stimulus, strong corporate earnings from U.S. banks and in Europe, along with signs of economic recovery in countries leading the COVID-19 vaccination race have all helped push stock market indexes to new heights this week.

And Greg Hahn, President of Winthrop Capital Management says re-openings will lead to more gains.

"We're going to see the economy get turned on. This second half of the year should be really, really solid for hospitality, conventions, entertainment and the like. So the leisure, hospitality, space, travel should be should do really well second half of the year. So there's momentum here."

Strong bank earnings came on Friday from Morgan Stanley, which reported a 150% jump in quarterly profit, joining JPMorgan Chase, Goldman Sachs and Bank of America in reinforcing hopes of a swift economic recovery.

Still, the investment bank's shares fell as it also disclosed an almost $1 billion loss from the collapse of family office Archegos Capital Management.

Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street.