Dow Jones Industrial Average rises 161 points

The Dow jumped 161.60 points, or 0.6%, to 28,653.87. The S&P 500 climbed 0.7% to close at 3,508.01. The Nasdaq Composite advanced 0.6% to end the day at 11,695.63. Stocks ended the week on a high note, with the Dow erasing its 2020 losses.

Dow positive for 2020

The 30-stock average joined the S&P 500 and Nasdaq as it clawed its way back into positive territory for the year. "To some extent, this is psychologically positive for the market," Randy Frederick, vice president of trading and derivatives at Charles Schwab. Those gains came after the release of positive economic data. U.S. consumer spending rose 1.9% in July, topping a Reuters forecast of a 1.5% gain, the Commerce Department said. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.