Stocks ended broadly higher on Wall Street, placing the market on pace to break a 3-week losing streak.
The S&P 500 rose 1.8% Wednesday, and the tech-heavy Nasdaq rose even more. Small-company stocks outpaced the rest of the market. Airlines did well after United raised its revenue forecast following a busy summer travel season. Energy stocks fell along with oil prices.
Investors are keeping a close eye on the Federal Reserve as it fights inflation with high interest rates. Vice Chair Lael Brainard reaffirmed the bank’s resolve in tackling inflation in remarks delivered Wednesday, two weeks before the Fed’s next policy meeting.
The S&P 500 rose 71.68 points, or 1.8%, to 3,979.87.
The Dow Jones Industrial Average rose 435.98 points, or 1.4%, to 31,581.28.
The Nasdaq rose 246.99 points, or 2.1%, to 11,791.90.
The Russell 2000 index of smaller companies rose 39.68 points, or 2.2%, to 1,832.
For the week:
The S&P 500 is up 55.61 points, or 1.4%.
The Dow is up 262.84 points, or 0.8%.
The Nasdaq is up 161.03 points, or 1.4%.
The Russell 2000 is up 22.26 points, or 1.2%.
For the year:
The S&P 500 is down 786.31 points, or 16.5%.
The Dow is down 4,757.02 points, or 13.1%.
The Nasdaq is down 3,853.07 points, or 24.6%.
The Russell 2000 is down 413.31 points, or 18.4%.