Wall Street got back to climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.
The S&P 500 rose 1% Friday, marking its ninth winning week in the last 11. The Dow added 176 points, or 0.5%, and the Nasdaq climbed 1.9% as Big Tech stocks led the market.
Stocks have been rallying recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. A report Friday said the Fed’s preferred measure of inflation slowed last month by a touch more than expected.
On Friday:
The S&P 500 rose 44.82 points, or 1%, to 4,582.23.
The Dow Jones Industrial Average rose 176.57 points, or 0.5%, to 35,459.29.
The Nasdaq composite rose 266.55 points, or 1.9%, to 14,316.66.
The Russell 2000 index of smaller companies rose 26.64 points, or 1.4%, to 1,981.54.
For the week:
The S&P 500 is up 45.89 points, or 1%
The Dow is up 231.60 points, or 0.7%
The Nasdaq is up 283.85 points, or 2%
The Russell 2000 is up 21.28 points, or 1.1%
For the year:
The S&P 500 is up 742.73 points, or 19.3%.
The Dow is up 2,312.04 points, or 7%.
The Nasdaq is up 3,850.18 points, or 36.8%.
The Russell 2000 is up 220.29 points, or 12.5%.
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