Stocks climbed Thursday to send Wall Street to its highest level in nearly eight weeks following reports suggesting the economy and corporate profits may be doing better than feared.
The S&P 500 rose 1.1% Thursday after briefly dipping lower in late morning trading. More swings may still be ahead, as Wall Street digests a growing torrent of earnings and economic reports.
Thursday’s headliner showed the economy held up better through the last three months of 2022 than expected. Reports from Tesla and others helped build optimism a day after worries flared following forecasts from Microsoft widely seen as discouraging.
The S&P 500 rose 44.21 points, or 1.1%, to 4,060.43.
The Dow Jones Industrial Average rose 205.57 points, or 0.6%, to 33,949.41.
The Nasdaq composite rose 199.06 points, or 1.8%, to 11,512.41.
The Russell 2000 index of smaller companies rose 12.75 points, or 0.7%, to 1,903.06.
For the week:
The S&P 500 is up 87.82 points, or 2.2%.
The Dow is up 573.92 points, or 1.7%.
The Nasdaq is up 371.98 points, or 3.3%.
The Russell 2000 is up 35.73 points, or 1.9%.
For the year:
The S&P 500 is up 220.93 points, or 5.8%.
The Dow is up 802.16 points, or 2.4%.
The Nasdaq is up 1,045.93 points, or 10%.
The Russell 2000 is up 141.82 points, or 8.1%.