Stocks closed modestly higher on Wall Street, enough to push the Dow Jones Industrial Average to its second straight record high.
The middling gains followed a big rally the day before on excitement that several cuts to interest rates may indeed be coming next year.
The S&P 500 climbed 0.3 percent Thursday and is within 1.6 percent of the all-time high it set early last year. The Dow added 0.4 percent, and the Nasdaq composite gained 0.2 percent. Treasury yields fell again, a day after the Federal Reserve indicated it may cut rates by more in 2024 than it had earlier forecast.
On Thursday:
The S&P 500 rose 12.46 points, or 0.3 percent, to 4,719.55.
The Dow Jones Industrial Average rose 158.11 points, or 0.4 percent, to 37,248.35.
The Nasdaq composite rose 27.59 points, or 0.2 percent, to 14,761.56.
The Russell 2000 index of smaller companies rose 53.01 points, or 2.7 percent to 2,000.51.
For the week:
The S&P 500 is up 115.18 points, or 2.5 percent.
The Dow is up 1,000.48 points, or 2.8 percent.
The Nasdaq is up 357.59 points, or 2.5 percent.
The Russell 2000 is up 119.70 points, or 6.4 percent.
For the year:
The S&P 500 is up 880.05 points, or 22.9 percent.
The Dow is up 4,101.10 points, or 12.4 percent.
The Nasdaq is up 4,295.08 points, or 41 percent.
The Russell 2000 is up 239.27 points, or 13.6 percent.
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