S&P sets new high as stocks recover

Stocks markets revived on Friday, leading the S&P 500 to a new record close.

The S&P closed up 12 points, or 0.3 percent, at 3,397, breaking its record earlier this week, which erased all its pandemic losses. The Dow Jones Industrial Average closed up 190 points, or 0.7 percent, nearing its highest point since markets crashed in March.

The swift stock market recovery amid the worst economic downturn since the Great Depression had relied on significant stimulus from both the Federal Reserve and the federal government.

Markets have largely cast aside concerns about a slew of emergency benefits and programs that expired at the end of July, and continue to price in an eventual stimulus deal. Talks between the White House and Congressional Democrats fell apart two weeks ago and remain at a standstill.

On Thursday, Speaker Nancy Pelosi (D-Calif.) rejected the idea of voting on stand-alone relief legislation.