Stocks march higher, reaching best week of year

NEW YORK - The stock market closed out its best week of the year Friday, as big gains by retailers and technology companies pushed major indexes upward.

Stocks faded as Friday wore on, but still finished higher. The S&P 500 index climbed almost 3.3 percent this week. By just a hair, that was its biggest weekly gain in 2015.

Stocks climbed Monday and Wednesday as the U.S. market did not seem to be affected by a string of unsettling international events, including last week's terrorist attack in Paris. Instead, investors responded to signs that the U.S. economy remains strong.

The Dow Jones industrial average rose 91.06 points, or 0.5 percent, to 17,823.81. The Standard & Poor's 500 index added 7.93 points, or 0.4 percent, to 2,089.17. The Nasdaq composite index gained 31.28 points, or 0.6 percent, to 5,104.92. The Dow turned positive for the year by a fraction of a point.

"Throughout the week, we got more and more news that the Federal Reserve was assessing the economy favorably," said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

Davidson said investors have gotten used to the idea that the Federal Reserve is going to raise interest rates. That prospect worried them greatly a few months ago, but now, stocks are rising because investors are taking heart that the Fed believes the economy is on solid footing. Meanwhile, new economic stimulus in Europe could strengthen the global economy.

Retailers rallied after solid earnings reports from discount chain Ross Stores and footwear seller Foot Locker. Retail stocks got pummeled this month after weak reports from Macy's and Nordstrom caused investors to worry that the holiday shopping season would be a bust.