Stocks closed higher on Wall Street as investors grow more convinced the Federal Reserve will keep downshifting the size of its rate hikes and as several major companies prepare to report their latest results.
This week Microsoft, Tesla and Boeing are among the companies that will deliver their results for the last three months of 2022. Investors are anticipating the Federal Reserve will raise interest rates next week by half the size of its prior hike.
The S&P 500 rose 47.20 points, or 1.2%, to 4,019.81.
The Dow Jones Industrial Average rose 254.07 points, or 0.8%, to 33,629.56.
The Nasdaq composite rose 223.98 points, or 2%, to 11,364.41.
The Russell 2000 index of smaller companies rose 23.43 points, or 1.3%, to 1,890.77.
For the year:
The S&P 500 is up 180.31 points, or 4.7%.
The Dow is up 482.31 points, or 1.5%.
The Nasdaq is up 897.93 points, or 8.6%.
The Russell 2000 is up 129.52 points, or 7.4%.