U.S. stocks rose closer to their records and closed out their best week of the year as hopes built for a big rate cut next week.
The S&P 500 rose 0.5 percent Friday to climb within 0.7 percent of its all-time high reached in July. The Dow Jones Industrial Average added 0.7 percent, and also traded close to its own record high. The Nasdaq composite rose 0.7 percent.
Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve. Traders are rekindling hopes the Fed may deliver a bigger-than-usual cut to interest rates.
On Friday:
The S&P 500 rose 30.26 points, or 0.5 percent, to 5,626.02.
The Dow Jones Industrial Average rose 297.01 points, or 0.7 percent, to 41,393.78.
The Nasdaq composite rose 114.30 points, or 0.7 percent, to 17,683.98.
The Russell 2000 index of smaller companies rose 53.06 points, or 2.5 percent, to 2,182.49.
For the week:
The S&P 500 is up 217.60 points, or 4 percent.
The Dow is up 1,048.37 points, or 2.6 percent.
The Nasdaq is up 993.14 points, or 6 percent.
The Russell 2000 is up 91.08 points, or 4.4 percent.
For the year:
The S&P 500 is up 856.19 points, or 18 percent.
The Dow is up 3,704.24 points, or 9.8 percent.
The Nasdaq is up 2,672.62 points, or 17.8 percent.
The Russell 2000 is up 155.42 points, or 7.7 percent.
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