Wall Street roared higher, adding to its rally from the day before on hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates.
The S&P 500 jumped 1.9% Thursday. The Dow added 564 points, and the Nasdaq composite climbed 1.8%.
Stocks around the world leaped after the Federal Reserve late Wednesday hinted that a recent jump in Treasury yields may be acting like a rate-hike substitute. The 10-year yield fell further Thursday, releasing pressure that had built on Wall Street. Reports on the U.S. economy also offered hope for momentum pulling down on inflation.
The S&P 500 rose 79.92 points, or 1.9%, to 4,317.78.
The Dow Jones Industrial Average rose 564.50 points, or 1.7%, to 33,839.08.
The Nasdaq composite rose 232.72 points, or 1.8%, to 13,294.19.
The Russell 2000 index of smaller companies rose 44.51 points, or 2.7% to 1,714.21.
For the week:
The S&P is up 200.41 points, or 4.9%.
The Dow is up 1,421.49 points, or 4.4%.
The Nasdaq is up 651.18 points, or 5.2%.
The Russell 2000 is up 77.27 points, or 4.7%.
For the year:
The S&P 500 is up 478.28 points, or 12.5%.
The Dow is up 691.83 points, or 2.1%.
The Nasdaq is up 2,827.71 points, or 27%
The Russell 2000 is down 47.04 points, or 2.7%.