Stocks rally as investors shake off worries about infections and the economy

The Dow was up 1.2%, or some 365 points, in the early afternoon while the broader S&P 500 climbed 1.2%. The Nasdaq Composite was up 0.8%.

Cisco, which reported earnings late Thursday, is the best performer in the Dow.

It's been a volatile week for stocks. Expectations of Biden's election win had pushed stocks higher last week, even as President Donald Trump has yet to concede the race. Hopes for a coronavirus vaccine after positive news from Pfizer's trial added to that boost on Monday.

But stocks retreated as some states reimposed rules to limit the spread of the virus amid rising infection numbers.

Making matters worse, Federal Reserve Chairman Jerome Powell had some sobering words for investors on Thursday, when he said the resurgence was a key risk to the economy.

Powell also reiterated that more stimulus was likely necessary to boost the economy.

The Trump administration, meanwhile, dropped its legal challenge to the election result in Arizona Friday.

CNN also projects Biden will win Georgia, making him the first Democrat to win the state since Bill Clinton in 1992.