Wall Street rallied after the head of the Federal Reserve hinted cuts to interest rates may be coming.
The Dow Jones Industrial Average soared 846 points Friday, reaching another record. The S&P 500 jumped 1.5 percent, landing just below the all-time high it set last week. The Nasdaq composite climbed 1.9 percent.
Treasury yields sank in the bond market after Jerome Powell indicated the next move for the Fed may be a cut. Wall Street loves lower rates because they can give a boost to the economy and to investment prices, even if they risk worsening inflation.
On Friday:
The S&P 500 rose 96.74 points, or 1.5 percent, to 6,466.91.
The Dow Jones Industrial Average rose 846.24 points, or 1.9 percent, to 45,631.74.
The Nasdaq composite rose 396.22 points, or 1.9 percent, to 21,496.53.
The Russell 2000 index of smaller companies rose 87.85 points, or 3.9 percent, to 2,361.95.
For the week:
The S&P 500 is up 17.11 points, or 0.3 percent.
The Dow is up 685.62 points, or 1.5 percent.
The Nasdaq is down 126.44 points, or 0.6 percent.
The Russell 2000 is up 75.43 points, or 3.3 percent.
For the year:
The S&P 500 is up 585.28 points, or 10 percent.
The Dow is up 3,087.52 points, or 7.3 percent.
The Nasdaq is up 2,185.74 points, or 11.3 percent.
The Russell 2000 is up 131.79 points, or 5.9 percent.
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