And just like that, the 3 major indices close higher on the week

The 3 major indices (Dow, S&P and Nasdaq) rode a wave of buying higher on the day, closed at the highs and just like that, erased the declines for the week.

• The Dow, S&P and Nasdaq each had best day of the new year
• Dow and S&P posted their first weekly gain in four weeks
• NASDAQ posts its first weekly gain in five weeks

A look at the final numbers shows:

• Dow industrial average rose 564.67 points or 1.65% to 34725.46
• S&P index rose 105.36 points or 2.44% to 4431.86
• NASDAQ index rose 417.80 points or 3.13% to 13770.58
• Russell 2000 rose 37.22 points or 1.93% to 1968.51

For the week,

• Dow industrial average rose 1.34%
• S&P index rose 0.77%
• NASDAQ index squeaked out a 0.01% rise (good enough to have its first weekly gain in five weeks)

For the Russell 2000 it closed last week at 1987.91 and is ending today at 1968.51. For the week, it fell 19.4 points or -0.97%.

The small-cap index is still down some 19.4% from its high close reached on November 8. However, the low price today at 1901.35 got within 12 points of the 38.2% retracement of the move up from the March 2020 low before bouncing higher.