The three major indexes on the New York stock market all closed higher on the 21st (local time).
The Dow Jones Industrial Average finished up 517.80 points, or 0.98%, at 53,277.01. The Standard & Poor's (S&P) 500 rose 33.21 points, or 0.43%, to 7,674.37, and the Nasdaq composite added 113.29 points, or 0.44%, to 26,180.46.
Recently, New York stocks had been weak on concerns over rising U.S. Government Bonds yields, but sentiment improved as bargain hunting flowed in and the expansion in U.S. services activity was confirmed.
The preliminary August services purchasing managers index (PMI) business activity index released by S&P Global came in at 56.8. That was up 2.2 points from the prior month. It was the biggest monthly gain in about 20 months. It indicates the services sector continues in an expansion phase.
International oil prices rose for a sixth straight transaction day. The move was attributed to heightened supply disruption fears after the United States warned it would impose economic sanctions on countries that transact with Iran. For the week, October Brent futures climbed 6.63%, and West Texas Intermediate (WTI) advanced 6.86%.
Investors are watching key economic and corporations events due next week. On deck are the Federal Reserve's Jackson Hole policy symposium and a speech by Chair Kevin Warsh, the July personal consumption expenditures (PCE) price index, and earnings reports from major big tech firms including Nvidia.