Stocks climbed after a cooler reading on inflation bolstered Wall Street’s expectations that the Federal Reserve will hold off on another interest rate hike this week.
The S&P 500 rose 0.7% Tuesday, touching heights unseen since April 2022. The Dow Jones Industrial Average gained 145 points, while the Nasdaq composite rose 0.8%.
Stocks have been on a roll amid hopes the economy can avoid a severe recession and inflation can ease enough for the Fed to ease off its hikes. Unlike early this year, Tuesday’s gains were widespread. Four out of five stocks in the S&P 500 index climbed.
On Tuesday:
The S&P 500 rose 30.08 points, or 0.7%, to 4,369.01.
The Dow Jones Industrial Average rose 145.79 points, or 0.4%, to 34,212.12.
The Nasdaq composite rose 111.40 points, or 0.8% to 13,573.32.
The Russell 2000 index of smaller companies rose 23.12 points, or 1.2%, to 1,896.33.
For the week:
The S&P 500 is up 70.15 points, or 1.6%.
The Dow is up 335.34 points, or 1%.
The Nasdaq is up 314.18 points, or 2.4%.
The Russell 2000 is up 30.63 points, or 1.6%.
For the year:
The S&P 500 is up 529.51 points, or 13.8%.
The Dow is up 1,064.87 points, or 3.2%.
The Nasdaq is up 3,106.84 points, or 29.7%.
The Russell 2000 is up 135.09 points, or 7.7%.
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