Wall Street surged after a report on U.S. inflation sent waves of relief through markets.
The S&P 500 jumped 1.9 percent to a two-month high Tuesday, one of is best days of the year. The Dow rallied 489 points, and the Nasdaq composite soared 2.4 percent.
The highly anticipated report showed inflation slowed last month, bolstering bets among traders that the Federal Reserve is finally done with its market-crunching hikes to interest rates. Technology and other high-growth stocks led the way higher. Stocks of smaller companies also got a particularly big boost on hopes that financial conditions won’t tighten further. Treasury yields tumbled.
On Tuesday:
The S&P 500 rose 84.15 points, or 1.9 percent, to 4,495.70.
The Dow Jones Industrial Average rose 489.83 points, or 1.4 percent, to 34,827.70.
The Nasdaq composite rose 326.64 points, or 2.4 percent, to 14,094.38.
The Russell 2000 index of smaller companies rose 92.82 points, or 5.4 percent to 1,798.32.
For the week:
The S&P 500 is up 80.46 points, or 1.8 percent.
The Dow is up 544.60 points, or 1.6 percent.
The Nasdaq is up 296.27 points, or 2.1 percent.
The Russell 2000 is up 93 points, or 5.5 percent.
For the year:
The S&P 500 is up 656.20 points, or 17.1 percent.
The Dow is up 1,680.45 points, or 5.1 percent.
The Nasdaq is up 3,627.90 points, or 34.7 percent.
The Russell 2000 is up 37.08 points, or 2.1 percent.
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