U.S. stocks rose closer to their records and closed out their best week of the year as hopes built for a big rate cut next week.
The S&P 500 rose 0.5% Friday to climb within 0.7% of its all-time high reached in July. The Dow Jones Industrial Average added 0.7%, and also traded close to its own record high. The Nasdaq composite rose 0.7%.
Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve. Traders are rekindling hopes the Fed may deliver a bigger-than-usual cut to interest rates.
On Friday:
The S&P 500 rose 30.26 points, or 0.5%, to 5,626.02.
The Dow Jones Industrial Average rose 297.01 points, or 0.7%, to 41,393.78.
The Nasdaq composite rose 114.30 points, or 0.7%, to 17,683.98.
The Russell 2000 index of smaller companies rose 53.06 points, or 2.5%, to 2,182.49.
For the week:
The S&P 500 is up 217.60 points, or 4%.
The Dow is up 1,048.37 points, or 2.6%.
The Nasdaq is up 993.14 points, or 6%.
The Russell 2000 is up 91.08 points, or 4.4%.
For the year:
The S&P 500 is up 856.19 points, or 18%.
The Dow is up 3,704.24 points, or 9.8%.
The Nasdaq is up 2,672.62 points, or 17.8%.
The Russell 2000 is up 155.42 points, or 7.7%.
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