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S&P 500 ends week at record highs as Biden-transition optimism overshadows virus surge

S&P 500 ends week at record highs as Biden-transition optimism overshadows virus surge


Lucas Jackson/Reuters



US stocks gained on Friday as hopes for a peaceful transition to the Biden administration offset concerns about soaring COVID-19 cases. The S&P 500 closed at a record high.



President Donald Trump said Thursday that he'd hand over power when the Electoral College certifies President-elect Joe Biden as the winner of the 2020 election.



The US reported 125,082 new coronavirus cases on Thursday, bringing the seven-day average to 163,831, according to the COVID Tracking Project. Deaths topped 254,000, and hospitalizations jumped above 90,000.



The Cboe Volatility Index a?? or VIX, also known as the stock market's "fear gauge" a?? fell as low as 19.51 on Friday, dropping amid low trading volumes to its lowest level since the pandemic began.



Watch major indexes update live here.

US equities rose on Friday as optimism about President-elect Joe Biden's transition to the White House squared off with rising virus risks. The S&P 500 closed at a record high.President Donald Trump said Thursday that he'd pass on power to Biden when the Electoral College cements the president-elect's victory. Though Trump indicated that he might never officially concede defeat, the statement further eased concerns that the sitting president wouldn't allow for a peaceful transition of power.Here's where US indexes stood at the 1 p.m. ET close on Friday:
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