Wall Street closed out a strong January with more gains. The S&P 500 rose 1.5% Tuesday, marking its third winning month in the last four. The Dow rose 1.1% and the Nasdaq rose 1.7%. The gains came ahead of what many investors hope will be one of the Federal Reserve’s last hikes to interest rates for a while. Markets got a boost after a report showed that growth for workers’ pay and benefits slowed during the end of 2022. While that’s frustrating for people trying to keep up with soaring prices, markets see it as an encouraging sign of easing pressure on inflation.
The S&P 500 rose 58.83 points, or 1.5%, to 4,076.60.
The Dow Jones Industrial Average rose 368.95 points, or 1.1, to 34,086.04.
The Nasdaq composite rose 190.74 points, or 1.7%, to 11,584.55.
The Russell 2000 index of smaller companies rose 46.22 points, or 2.5%, to 1,931.94.
For the week:
The S&P 500 is up 6.04 points, or 0.1%.
The Dow is up 107.96 points, or 0.3%.
The Nasdaq is down 37.16 points, or 0.3%.
The Russell 2000 is up 20.49 points, or 1.1%.
For the year:
The S&P 500 is up 237.10 points, or 6.2%.
The Dow is up 938.79 points, or 2.8%.
The Nasdaq is up 1,118.07 points, or 10.7%.
The Russell 2000 is up 170.70 points, or 9.7%.