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 percent to surpass its prior all-time high set at the start of 2022. It had dropped as much as 25 percent 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 percent. The Dow, which set its own record last month, rose 1.1 percent.
On Friday:
The S&P 500 rose 58.87 points, or 1.2 percent, to 4,839.81.
The Dow Jones Industrial Average rose 395.19 points, or 1.1 percent, to 37,863.80.
The Nasdaq composite rose 255.32 points, or 1.7 percent, to 15,310.97.
The Russell 2000 index of smaller companies rose 20.74 points, or 1.1 percent, to 1,944.39.
For the week:
The S&P 500 is up 55.98 points, or 1.2 percent.
The Dow is up 270.82 points, or 0.7 percent.
The Nasdaq is up 338.21 points, or 2.3 percent.
The Russell 2000 is down 6.57 points, or 0.3 percent.
For the year :
The S&P 500 is up 69.98 points, or 1.5 percent.
The Dow is up 174.26 points, or 0.5 percent.
The Nasdaq is up 299.62 points, or 2 percent.
The Russell 2000 is down 82.68 points, or 4.1 percent.
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