Stocks shook off a midday slump and ended higher, keeping major indexes on track for weekly gains.
Trading was wobbly throughout the day as investors remained focused on another day of testimony before Congress by Federal Reserve Chair Jerome Powell. The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose.
Powell reaffirmed the central bank’s goal of “keeping inflation expectations well and truly anchored” as the Fed tries to rein in surging prices. Treasury yields fell.
The S&P 500 rose 35.84 points, or 1%, to 3,795.73.
The Dow Jones Industrial Average rose 194.23 points, or 0.6%, to 30,677.36.
The Nasdaq rose 179.11 points, or 1.6%, to 11,232.19.
The Russell 2000 index of smaller companies rose 21.40 points, or 1.3%, to 1,711.67.
For the week:
The S&P 500 is up 120.89 points, or 3.3%.
The Dow is up 788.58 points, or 2.6%.
The Nasdaq is up 433.84 points, or 4%.
The Russell 2000 is up 45.98 points, or 2.8%.
For the year:
The S&P 500 is down 970.45 points, or 20.4%.
The Dow is down 5,660.94 points, or 15.6%.
The Nasdaq is down 4,412.78 points, or 28.2%.
The Russell 2000 is down 533.64 points, or 23.8%.