Wall Street got back to climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.
The S&P 500 rose 1 percent Friday, marking its ninth winning week in the last 11. The Dow added 176 points, or 0.5 percent, and the Nasdaq climbed 1.9 percent as Big Tech stocks led the market.
Stocks have been rallying recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. A report Friday said the Fed’s preferred measure of inflation slowed last month by a touch more than expected.
On Friday:
The S&P 500 rose 44.82 points, or 1 percent, to 4,582.23.
The Dow Jones Industrial Average rose 176.57 points, or 0.5 percent, to 35,459.29.
The Nasdaq composite rose 266.55 points, or 1.9 percent, to 14,316.66.
The Russell 2000 index of smaller companies rose 26.64 points, or 1.4 percent, to 1,981.54.
For the week:
The S&P 500 is up 45.89 points, or 1 percent.
The Dow is up 231.60 points, or 0.7 percent.
The Nasdaq is up 283.85 points, or 2 percent.
The Russell 2000 is up 21.28 points, or 1.1 percent.
For the year:
The S&P 500 is up 742.73 points, or 19.3 percent.
The Dow is up 2,312.04 points, or 7 percent.
The Nasdaq is up 3,850.18 points, or 36.8 percent.
The Russell 2000 is up 220.29 points, or 12.5 percent.
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