Wall Street closed higher, breaking a 3-week losing streak, after the head of the Federal Reserve said it will “proceed carefully” as it decides what to do with interest rates.
The S&P 500 rose 0.7% Friday after flipping between small gains and losses a few times. The Dow added 247 points, and the Nasdaq composite rose 0.9%.
In a highly anticipated speech, Fed Chair Jerome Powell said again that it will make upcoming decisions on interest rates based on what incoming data reports say about inflation and the economy.
The S&P 500 rose 29.40 points, or 0.7%, to 4,405.71.
The Dow Jones Industrial Average rose 247.68 points, or 0.7%, to 34,346.90.
The Nasdaq composite rose 126.67 points, or 0.9%, to 13,590.65.
The Russell 2000 index of smaller companies rose 7.35 points, or 0.4%, to 1,853.63.
For the week:
The S&P 500 is up 36 points, or 0.8%.
The Dow is down 153.76 points, or 0.4%.
The Nasdaq is up 299.87 points, or 2.3%.
The Russell 2000 is down 5.79 points, or 0.3%.
For the year:
The S&P 500 is up 566.21 points, or 14.7%.
The Dow is up 1,199.65 points, or 3.6%.
The Nasdaq is up 3,124.16 points, or 29.8%.
The Russell 2000 is up 92.38 points, or 5.2%.