Stocks rallied to records after some influential Big Tech companies got back in their groove.
The S&P 500 rose 1.1 percent Tuesday to top its all-time high set last week. The Dow Jones Industrial Average gained 0.6 percent, and the Nasdaq composite jumped 1.5 percent.
All three indexes started the day with losses after a highly anticipated report showed inflation was worse than expected. Treasury yields rose. But the inflation figures weren’t far off expectations, and traders still hope the Federal Reserve will begin cutting interest rates in June. Nvidia rose to break out of its mini-losing streak, and Oracle jumped after reporting stronger profit than expected.
On Tuesday:
The S&P 500 rose 57.33 points, or 1.1 percent, to 5,175.27.
The Dow Jones Industrial Average rose 235.83 points, or 0.6 percent, to 39,005.49.
The Nasdaq composite rose 246.36 points, or 1.5 percent, to 16,265.64.
The Russell 2000 index of smaller companies fell 0.40 points, or less than 0.1 percent, to 2,065.48.
For the week:
The S&P 500 is up 51.58 points, or 1 percent.
The Dow is up 282.80 points, or 0.7 percent.
The Nasdaq is up 180.52 points, or 1.1 percent.
The Russell 2000 is down 17.24 points, or 0.8 percent.
For the year:
The S&P 500 is up 405.44 points, or 8.5 percent.
The Dow is up 1,315.95 points, or 3.5 percent.
The Nasdaq is up 1,254.28 points, or 8.4 percent.
The Russell 2000 is up 38.40 points, or 1.9 percent.
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