The text formula a number or date value into a specified format.
For the format 12,345.67 you can use TEXT(A1,'#,###.##')
Other number formats can also be used.
To format a date field into the name of the weekday like "Friday", you can use TEXT(A1,'EE')
To format a date field into the abbreviated name of the weekday like "Fri", you can use TEXT(A1,'E')
You can refer to other custom date formatting types here.