A rally on Wall Street lifted stocks to their highest level in almost two months following the latest sign that inflation continues to cool.
The S&P 500 rose 1.3% Thursday after a report showed inflation at the wholesale level slowed last month by more than expected. The Dow was also up, while the Nasdaq composite led the market on hopes slower inflation could lead the Federal Reserve to take it easier on interest rates.
A separate report showed slightly more workers applied for unemployment benefits last week than expected, though the job market remains solid.
On Thursday:
The S&P 500 rose 54.27 points, or 1.3%, to 4,146.22.
The Dow Jones Industrial Average rose 383.19 points, or 1.1%, to 34,029.69.
The Nasdaq composite rose 236.93 points, or 2% to 12,166.27.
The Russell 2000 index of smaller companies rose 22.98 points, or 1.3%, to 1,796.68.
For the week:
The S&P 500 is up 41.20 points, or 1%.
The Dow is up 544.40 points, or 1.6%.
The Nasdaq is up 78.31 points, or 0.6%.
The Russell 2000 is up 42.22 points, or 2.4%.
For the year:
The S&P 500 is up 306.72 points, or 8%.
The Dow is up 882.44 points, or 2.7%.
The Nasdaq is up 1,699.79 points, or 16.2%.
The Russell 2000 is up 35.44 points, or 2%.
Sourse: abcnews.go.com
