The S&P 500 rallied 4.7%, marking the first weekly gain in more than a month. Stocks gained in four of the five sessions, though there was still plenty of volatility.
All 10 sectors advanced by more than 2.0% and recently hard-hit cyclical sectors outperformed. Consumer Discretionary rallied 6.0%, technology gained 6.2% and industrials grew by 6.0%.
In corporate news, Bank of America continued to make headlines throughout the week. There was plenty of speculation regarding its financial viability, which spurred Warren Buffett to reach out to the American bank. Buffett's Berkshire Hathaway invested $5 billion in exchange for preferred shares and warrants. The move helped lift shares of the bank to a weekly gain of 11%.
