More gains for stocks Friday gave the S&P 500 its fifth straight winning week. That's the longest weekly winning streak for the benchmark index since December, before the coronavirus pandemic swept the world and sent economies tumbling into recession.

The S&P 500 rose 0.7%, bringing its weekly gain to 3.3%. The Dow Jones Industrial Average clawed back to a small gain for 2020. The Nasdaq has left both those indexes in the dust with a jump of 30% so far this year, thanks to big gains for technology stocks.

A report on Friday showed that U.S. consumer spending grew more in July than economists e...