Wall Street returned to record heights and capped a punishing, two-year round trip dogged by high inflation and worries about a possible recession.
The S&P 500 rallied 1.2% to surpass its prior all-time high set at the start of 2022. It had dropped as much as 25% from that record on worries about much higher interest rates. But inflation has since cooled, the economy has remained out of a recession and the expectation is now for rates to ease.
Tech stocks again helped lead the market, and the Nasdaq composite rose 1.7%. The Dow, which set its own record last month, rose 1.1%.
On Friday:
The S&P 500 rose 58.87 points, or 1.2%, to 4,839.81.
The Dow Jones Industrial Average rose 395.19 points, or 1.1%, to 37,863.80.
The Nasdaq composite rose 255.32 points, or 1.7%, to 15,310.97.
The Russell 2000 index of smaller companies rose 20.74 points, or 1.1%, to 1,944.39.
For the week:
The S&P 500 is up 55.98 points, or 1.2%.
The Dow is up 270.82 points, or 0.7%.
The Nasdaq is up 338.21 points, or 2.3%.
The Russell 2000 is down 6.57 points, or 0.3%.
For the year :
The S&P 500 is up 69.98 points, or 1.5%.
The Dow is up 174.26 points, or 0.5%.
The Nasdaq is up 299.62 points, or 2%.
The Russell 2000 is down 82.68 points, or 4.1%.
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