The stock market recovered from a midday stumble and ended higher, staying on track for its first weekly gain in four weeks.
The S&P 500 rose 0.7% Thursday. The Nasdaq composite and the Dow Jones Industrial average also ended higher after bumpy rides of their own.
Interest rate policies were in focus as the European Central Bank made its largest-ever rate increase, in line with moves from the U.S. Federal Reserve and other central banks to fight inflation. Meanwhile Fed Chair Jerome Powell reaffirmed the Fed’s commitment to keep rates high “until the job is done” in getting inflation under control.
The S&P 500 rose 26.31 points, or 0.7%, to 4,006.18.
The Dow Jones Industrial Average rose 193.24 points, or 0.6%, to 31,774.52.
The Nasdaq rose 70.23 points, or 0.6%, to 11,862.13.
The Russell 2000 index of smaller companies rose 14.90 points, or 0.8%, to 1,846.91.
For the week:
The S&P 500 is up 81.92 points, or 2.1%.
The Dow is up 456.08 points, or 1.5%.
The Nasdaq is up 231.26 points, or 2%.
The Russell 2000 is up 37.16 points, or 2.1%.
For the year:
The S&P 500 is down 760 points, or 15.9%.
The Dow is down 4,563.78 points, or 12.6%.
The Nasdaq is down 3,782.84 points, or 24.2%.
The Russell 2000 is down 398.41 points, or 17.7%.