Wall Street closed higher after a report showed inflation slowed again last month.
The S&P 500 rose 0.3% Thursday. The Nasdaq and the Dow each rose 0.6%. While the report on inflation was clearly encouraging, stocks had already rallied earlier this week in anticipation of exactly such data.
Analysts warned investors not to get carried away by the numbers, which were in line with forecasts. Treasury yields fell as investors grow more convinced cooling inflation will convince the Federal Reserve to downshift the size of its rate hikes. Such increases stifle inflation but also hurt the economy and investments.
The S&P 500 rose 13.56 points, or 0.3%, to 3,983.17.
The Dow Jones Industrial Average rose 216.96 points, or 0.6%, to 34,189.97.
The Nasdaq rose 69.43 points, or 0.6%, to 11,001.10.
The Russell 2000 index of smaller companies rose 32.01 points, or 1.7%, to 1,876.06.
For the week:
The S&P 500 is up 88.09 points, or 2.3%.
The Dow is up 559.36 points, or 1.7%.
The Nasdaq is up 431.81 points, or 4.1%.
The Russell 2000 is up 83.26 points, or 4.6%.
For the year:
The S&P 500 is up 143.67 points, or 3.7%.
The Dow is up 1,042.72 points, or 3.1%.
The Nasdaq is up 534.62 points, or 5.1%.
The Russell 2000 is up 114.82 points, or 6.5%.