Stocks rose and bond yields fell Wednesday as investors welcomed new signals that the Federal Reserve is ready to cut interest rates for the first time in a decade.
Technology companies led the way higher, helping the Nasdaq close at a record high. Fed Chairman Jerome Powell said many Fed officials believe a weakening global economy and rising trade tensions strengthened the case for a rate cut.
The S&P 500 index rose 13.44 points, or 0.5%, to 2,993.07.
The Dow Jones Industrial Average gained 76.71 points, or 0.3%, to 26,860.20.
The Nasdaq composite climbed 60.80 points, or 0.7%, to 8,202.53, a record.
The Russell 2000 index of smaller company stocks added 2.46 points, or 0.2%, to 1,565.05.
For the week:
The S&P 500 is up 2.66 points, or 0.1%.
The Dow is down 61.92 points, or 0.2%.
The Nasdaq is up 40.74 points, or 0.5%.
The Russell 2000 is down 10.58 points, or 0.7%.
For the year:
The S&P 500 is up 486.22 points, or 19.4%.
The Dow is up 3,532.74 points, or 15.1%.
The Nasdaq is up 1,567.25 points, or 23.6%.
The Russell 2000 is up 216.49 points, or 16.1%.