The S&P 500 ticked further into record territory on Thursday after the Federal Reserve made a major overhaul to its strategy, one that could keep interest rates low for longer.
The benchmark index rose 0.2%, to another all-time high, but it veered through a jumbled day of trading to get there. Prices for stocks, bonds and gold all made several U-turns after Fed Chair Jerome Powell gave a highly anticipated speech. In it, he essentially said the Fed may continue efforts to prop up the economy even if inflation rises above its target level of 2% in some cases.
The S&P 500 gained 5.82 points, or 0.2%, to 3,484.55.
The Dow Jones Industrial Average climbed 160.35 points, or 0.6%, to 28,492.27 .
The Nasdaq composite fell 39.72 points, or 0.3%, to 11,625.34
The Russell 2000 index of small company stocks rose 4.37, or 0.3%, to 1,564.56.
For the week:
The S&P 500 is up 87.39 points, or 2.6%.
The Dow is up 561.94 points, or 2%.
The Nasdaq is up 313.54 points, or 2.8%.
The Russell 2000 is up 12.09 points, or 0.8%.
For the year:
The S&P 500 is up 253.77 points, or 7.9%.
The Dow is down 46.17 points, or 0.2%.
The Nasdaq is up 2,652.73 points, or 29.6%.
The Russell 2000 is down 103.91 points, or 6.2%.