Wall Street rose to records after an update said U.S. households are feeling a bit less pain from inflation than feared.
The S&P 500 climbed 0.8 percent Friday and topped its prior all-time high set earlier this month. The Dow Jones Industrial Average jumped 1 percent, and the Nasdaq composite rallied 1.1 percent. Both also set records.
The inflation data could clear the way for the Federal Reserve to keep cutting interest rates in hopes of helping the slowing job market. A strong earnings report from Ford Motor and continued gains for AI stars also helped to drive stocks higher.
On Friday:
The S&P 500 rose 53.25 points, or 0.8 percent, to 6,791.69.
The Dow Jones Industrial Average rose 472.51 points, or 1 percent, to 47,207.12.
The Nasdaq composite rose 263.07 points, or 1.1 percent, to 23,204.87.
The Russell 2000 index of smaller companies rose 30.81 points, or 1.2 percent, to 2,513.47.
For the week:
The S&P 500 is up 127.68 points, or 1.9 percent.
The Dow is up 1,016.51 points, or 2.2 percent.
The Nasdaq is up 524.89 points, or 2.3 percent.
The Russell 2000 is up 61.30 points, or 2.5 percent.
For the year:
The S&P 500 is up 910.06 points, or 15.5 percent.
The Dow is up 4,662.90 points, or 11 percent.
The Nasdaq is up 3,894.07 points, or 20.2 percent.
The Russell 2000 is up 283.31 points, or 12.7 percent.
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