Stocks climbed again on hopes for a coming cut to interest rates.
The S&P 500 rose 0.9% Tuesday after breaking out of a morning lull and is back within 1.8% of its all-time high. The Dow Jones Industrial Average rallied 664 points, and the Nasdaq composite rose 0.7%.
Stocks got a boost from easing yields in the bond market. Lower rates can cover up many sins in financial markets, including prices going too high, and hopes are strong that the Federal Reserve will cut its main interest rate at its next meeting to juice the economy further.
Small stocks had the market’s biggest gains.
On Tuesday:
The S&P 500 rose 60.76 points, or 0.9%, to 6,765.88.
The Dow Jones Industrial Average rose 664.18 points, or 1.4%, to 47,112.45.
The Nasdaq composite rose 153.59 points, or 0.7%, to 23,025.59.
The Russell 2000 index of smaller companies rose 51.70 points, or 2.1%, to 2,465.98.
For the week:
The S&P 500 is up 162.89 points, or 2.5%.
The Dow is up 867.04 points, or 1.9%.
The Nasdaq is up 752.51 points, or 3.4%.
The Russell 2000 is up 96.39 points, or 4.1%.
For the year:
The S&P 500 is up 884.25 points, or 15%.
The Dow is up 4,568.23 points, or 10.7%.
The Nasdaq is up 3,714.80 points, or 19.2%.
The Russell 2000 is up 235.82 points, or 10.6%.
The Associated Press
