U.S. stocks rallied to records on hopes that inflation is heading back in the right direction.
The S&P 500 jumped 1.2 percent Wednesday to top its prior all-time high set in March. The Nasdaq composite added 1.4 percent to its own record set a day earlier, while the Dow Jones Industrial Average rose 0.9 percent to beat its own recent high.
Treasury yields also eased after a report showing a slowdown in inflation boosted expectations for the Federal Reserve to cut interest rates this year. GameStop and other meme stocks were among the market’s few losers.
On Wednesday:
The S&P 500 rose 61.47 points, or 1.2 percent, to 5,308.15.
The Dow Jones Industrial Average rose 349.89 points, or 0.9 percent, to 39,908.
The Nasdaq composite rose 231.21 points, or 1.4 percent, to 16,742.39.
The Russell 2000 index of smaller companies rose 23.77 points, or 1.1 percent, to 2,109.46.
For the week:
The S&P 500 is up 85.47 points, or 1.6 percent.
The Dow is up 395.16 points, or 1 percent.
The Nasdaq is up 401.52 points, or 2.5 percent.
The Russell 2000 is up 49.68 points, or 2.4 percent.
For the year:
The S&P 500 is up 538.32 points, or 11.3 percent.
The Dow is up 2,218.46 points, or 5.9 percent.
The Nasdaq is up 1,731.04 points, or 11.5 percent.
The Russell 2000 is up 82.39 points, or 4.1 percent.
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