Despite selling pressure from the liquidation of large blocks of stock by a leveraged family office, a late, powerful surge on Friday drove the S&P 500® index to a new record close at week’s end. The index gained 1.7 percent on the day, more than half of which came in the last hour of trading, allowing the index to edge past the previous record high from March 17. The S&P 500 has now gained 5.8 percent on the year, with a gain of 4.3 percent in March, with three days to go. That brings the February- March rebound from the down January to 7 percent, as stimulus money, accommodative monetary policy, vaccine distribution progress, and risings earnings forecasts are contributing to increasing optimism. Helping last week in particular was a respite from the rise in bond yields. The yield on the ten-year Treasury note fell four basis points to 1.68 percent. It was the first weekly decline after seven straight weeks of higher yields. Also helping last week was a decline in new jobless claims, rising consumer confidence, and a subdued PCE deflator for February. High yield credit spreads narrowed as well.