Stocks on Wall Street bounced back from a midafternoon fade Friday, and the market closed out its fourth straight winning month with solid gains.
The S&P 500 rose 1% to finish August with a gain of 2.3%. The Nasdaq added 1.1%. The Dow Jones Industrial Average rose 228 points, or 0.6%, and set another all-time high. An inflation measure closely tracked by the Federal Reserve remained low last month, keeping the central bank on track to cut rates at its upcoming meeting.
Chipmakers were broadly higher, led by Marvell Technology, which climbed 9.2% after hitting Wall Street’s sales and profit targets.
On Friday:
The S&P 500 rose 56.44 points, or 1%, to 5,648.40.
The Dow Jones Industrial Average rose 228.03 points, or 0.6%, to 41,563.08.
The Nasdaq composite rose 197.19 points, or 1.1%, to 17,713.62.
The Russell 2000 index of smaller companies rose 14.65 points, or 0.7%, to 2,217.63.
For the week:
The S&P 500 rose 13.79 points, or 0.2%.
The Dow added 388 points, or 0.9%.
The Nasdaq fell 164.17 points, or 0.9%.
The Russell 2000 fell 1.07 points, or less than 0.1%.
For the year:
The S&P 500 is up 878.57 points, or 18.4%.
The Dow is up 3,873.54 points, or 10.3%.
The Nasdaq is up 2,702.27 points, or 18%.
The Russell 2000 is up 190.56 points, or 9.4%.
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