Stocks climbed after a cooler reading on inflation bolstered Wall Street’s expectations that the Federal Reserve will hold off on another interest rate hike this week.
The S&P 500 rose 0.7 percent Tuesday, touching heights unseen since April 2022. The Dow Jones Industrial Average gained 145 points, while the Nasdaq composite rose 0.8 percent.
Stocks have been on a roll amid hopes the economy can avoid a severe recession and inflation can ease enough for the Fed to ease off its hikes. Unlike early this year, Tuesday’s gains were widespread. Four out of five stocks in the S&P 500 index climbed.
On Tuesday:
The S&P 500 rose 30.08 points, or 0.7 percent, to 4,369.01.
The Dow Jones Industrial Average rose 145.79 points, or 0.4 percent, to 34,212.12.
The Nasdaq composite rose 111.40 points, or 0.8 percent to 13,573.32.
The Russell 2000 index of smaller companies rose 23.12 points, or 1.2 percent, to 1,896.33.
For the week:
The S&P 500 is up 70.15 points, or 1.6 percent.
The Dow is up 335.34 points, or 1 percent.
The Nasdaq is up 314.18 points, or 2.4 percent.
The Russell 2000 is up 30.63 points, or 1.6 percent.
For the year:
The S&P 500 is up 529.51 points, or 13.8 percent.
The Dow is up 1,064.87 points, or 3.2 percent.
The Nasdaq is up 3,106.84 points, or 29.7 percent.
The Russell 2000 is up 135.09 points, or 7.7 percent.
