Stocks rallied to more record highs Friday after the head of the Federal Reserve said it’s still far from pulling interest rates off the record low that has helped the market soar, even if it does begin dialing back its support for the economy later this year.
In a highly anticipated speech, the Fed’s chair said one milestone has been reached for the central bank to slow a bond-buying program that’s assisting the economy. But he stressed that the move toward eventually raising rates will be gradual.
The S&P 500 rose 39.37 points, or 0.9%, to 4,509.37.
The Dow Jones Industrial Average rose 242.68 points, or 0.7%, to 35,455.80.
The Nasdaq rose 183.69 points, or 1.2%, to 15,129.50
The Russell 2000 index of smaller companies rose 63.17 points, or 2.9%, to 2,277.15.
For the week:
The S&P 500 is up 67.70 points, or 1.5%.
The Dow is up 335.72 points, or 1%.
The Nasdaq is up 414.84 points, or 2.8%.
The Russell 2000 is up 109.55 points, or 5.1%.
For the year:
The S&P 500 is up 753.30 points, or 20%.
The Dow is up 4,849.32 points, or 15.8%.
The Nasdaq is up 2,241.22 points, or 17.4%.
The Russell 2000 is up 302.30 points, or 15.3%.