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S&P 500 climbs to new record high

February 13, 2015, 10:43 PM UTC
US Markets Face Uncertainty After Greek Elections
NEW YORK, NY - JANUARY 26: A trader works on the floor of the New York Stock Exchange during the morning of January 26, 2015 in New York City. The Dow Jones Industrial Average dipped slightly upon opening after Greece held elections over the weekend. (Photo by Andrew Burton/Getty Images)
Photograph by Andrew Burton — Getty Images

The S&P 500 closed out another strong week with a new all-time high Friday as the U.S. stock market shrugged off its dismal January numbers and climbed back to record levels.

The index gained 0.4% to close at 2,097, beating the previous high set Dec. 29 last year. The S&P has now added 1.8% on the year.

Stocks rose on optimism that Greece can reach a new debt agreement with European leaders when their talks resume next week. Meanwhile, the price of crude oil continued to tick upward with Brent crude gained more than 4%, to $57 per barrel.

The U.S. market responded positively to those factors, helping the S&P 500 complete its stark turnaround from a dismal January in which the benchmark index fell by 3%.

Also closing at a record high was the Russell 2000, as the small-cap index ended the day up 0.6% to close at 1,223.

The Dow Jones Industrial Average improved by nearly 47 points, or 0.3%, and ended the day above the 18,000-point mark for the first time since the end of December. The Dow finished the week at 18,019 — less than 35 points from its last record close — and is now up 1.1% on the year after also dropping by 3% during the month of January.

Meanwhile, the Nasdaq composite closed a week in which it gained more than 3% by adding 36 points, or 0.8%, to finish at almost 4,894. The tech-heavy Nasdaq closed the week at its highest level since the dot-com bubble burst in 2000 and is less than 160 points away from its all-time high.

The market had spent much of February recovering its losses from January, when falling oil prices and concerns over the economic and political turmoil in Europe sparked a string of market sell-offs.