U.S. stocks rose closer to their all-time highs following a couple reports on the economy that came in close to expectations.
The S&P 500 climbed 0.7 percent Thursday and pulled back within 1.3 percent of its record set in July. The Dow Jones Industrial Average gained 0.6 percent, and the Nasdaq composite jumped 1 percent.
More gains for Nvidia and other Big Tech stocks drove the market higher, offsetting a slump for Moderna after the vaccine maker cut its plans for research-and-development investment. Treasury yields were relatively steady in the bond market following reports on layoffs and inflation that included few surprises.
On Thursday:
The S&P 500 rose 41.63 points, or 0.7 percent, to 5,595.76.
The Dow Jones Industrial Average rose 235.06 points, or 0.6 percent, to 41,096.77.
The Nasdaq composite rose 174.15 points, or 1 percent, to 17,569.68.
The Russell 2000 index of smaller companies rose 25.58 points, or 1.2 percent, to 2,129.43.
For the week:
The S&P 500 is up 187.34 points, or 3.5 percent.
The Dow is up 751.36 points, or 1.9 percent.
The Nasdaq is up 878.84 points, or 5.3 percent.
The Russell 2000 is up 38.02 points, or 1.8 percent.
For the year:
The S&P 500 is up 825.93 points, or 17.3 percent.
The Dow is up 3,407.23 points, or 9 percent.
The Nasdaq is up 2,558.32 points, or 17 percent.
The Russell 2000 is up 102.35 points, or 5 percent.
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