Wall Street rallied following encouraging reports on inflation and on profits at 3M and other big U.S. companies.

The S&P 500 rose 1.1 percent for its best day in seven weeks. The Dow Jones Industrial Average jumped 1.6 percent, and the Nasdaq composite climbed 1 percent.

The market’s widespread gains included rallies for both Big Tech behemoths and smaller stocks, a departure from much of this month’s trading where a divide deepened between the two groups. The Russell 2000 index of small stocks brought its gain for July to more than 10 percent. Treasury yields eased after the latest inflation data firmed expectations for coming cuts to interest rates.

On Friday:

The S&P 500 rose 59.88 points, or 1.1 percent, to 5,459.10.

The Dow Jones Industrial Average rose 654.27 points, or 1.6 percent, to 40,589.34.

The Nasdaq composite rose 176.16 points, or 1 percent, to 17,357.88.

The Russell 2000 index of smaller companies rose 37.09 points, or 1.7 percent, to 2,260.07.

For the week:

The S&P 500 is down 45.90 points, or 0.8 percent.

The Dow is up 301.81 points, or 0.7 percent.

The Nasdaq is down 369.06 points, or 2.1 percent.

The Russell 2000 is up 75.72 points, or 3.5 percent.

For the year:

The S&P 500 is up 689.27 points, or 14.5 percent.

The Dow is up 2,899.80 points, or 7.7 percent.

The Nasdaq is up 2,346.53 points, or 15.6 percent.

The Russell 2000 is up 232.99 points, or 11.5 percent.

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