Stocks finished higher on Wall Street Tuesday, nudging the S&P 500 closer to the record high it reached last week.
Markets were relatively calm through the Congressional testimony of Federal Reserve Chair Jerome Powell, who said he expects recent increases in inflation to subside soon. Markets are sitting close to their records, but that’s masked plenty of churning happening underneath the surface since the Fed’s announcement last week, indicating it may begin raising short-term rates by late 2023.
The S&P 500 rose 21.65 points, or 0.5%, to 4,246.44.
The Dow Jones Industrial Average rose 68.61 points, or 0.2%, to 33,945.58.
The Nasdaq rose 111.79 points, or 0.8%, to 14,253.27.
The Russell 2000 index of smaller companies rose 9.85 points, or 0.4%, to 2,295.95.
For the week:
The S&P 500 is up 79.99 points, or 1.9%.
The Dow is up 655.50 points, or 2%.
The Nasdaq is up 222.89 points, or 1.6%.
The Russell 2000 is up 58.20 points, or 2.6%.
For the year:
The S&P 500 is up 490.37 points, or 13.1%.
The Dow is up 3,339.10 points, or 10.9%.
The Nasdaq is up 1,364.99 points, or 10.6%.
The Russell 2000 is up 321.09 points, or 16.3%.