The S&P 500 closed at a record high Thursday, erasing all the losses from a steep pullback it suffered in May.
The rally came as investors balanced optimism over the possibility that the Federal Reserve may cut interest rates in response to a slowing economy with jitters about the prospects of dimmer corporate profits should a severe slowdown take hold.
The S&P 500 climbed 27.72 points, or 0.9%, to 1,954.18, a record.
The Dow Jones Industrial Average rose 249.17 points, or 0.9%, to 26,753.17.
The Nasdaq composite gained 64.02 points, or 0.8%, to 8,051.34.
The Russell 2000 index of smaller companies picked up 7.92 points, or 0.5%, to 1,563.49.
For the week:
The S&P 500 is up 67.20 points, or 2.3%.
The Dow is up 663.56 points, or 2.5%.
The Nasdaq is up 254.68 points, or 3.3%.
The Russell 2000 is up 41 points, or 2.7%.
For the year:
The S&P 500 is up 447.33 points, or 17.8%.
The Dow is up 3,425.71 points, or 14.7%.
The Nasdaq is up 1,416.06 points, or 21.3%.
The Russell 2000 is up 214.94 points, or 15.9%.