Wall Street roared higher, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates.
The S&P 500 jumped 1.9 percent Thursday. The Dow added 564 points, and the Nasdaq composite climbed 1.8 percent.
Stocks around the world leaped after the Federal Reserve late Wednesday hinted that a recent jump in Treasury yields may be acting like a rate-hike substitute. The 10-year yield fell further Thursday, releasing pressure that had built on Wall Street. Reports on the U.S. economy also offered hope for momentum pulling down on inflation.
On Thursday:
The S&P 500 rose 79.92 points, or 1.9 percent, to 4,317.78.
The Dow Jones Industrial Average rose 564.50 points, or 1.7 percent, to 33,839.08.
The Nasdaq composite rose 232.72 points, or 1.8 percent, to 13,294.19.
The Russell 2000 index of smaller companies rose 44.51 points, or 2.7 percent to 1,714.21.
For the week:
The S&P is up 200.41 points, or 4.9 percent.
The Dow is up 1,421.49 points, or 4.4 percent.
The Nasdaq is up 651.18 points, or 5.2 percent.
The Russell 2000 is up 77.27 points, or 4.7 percent.
For the year:
The S&P 500 is up 478.28 points, or 12.5 percent.
The Dow is up 691.83 points, or 2.1 percent.
The Nasdaq is up 2,827.71 points, or 27 percent.
The Russell 2000 is down 47.04 points, or 2.7 percent.
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