Wall Street edged higher in quiet trading, closing out a third straight winning week and keeping November on track to be its biggest month of the year.
The S&P 500 rose 0.1% Friday, near its highest level in three months. The Dow was little changed, and the Nasdaq composite rose 0.1%.
Several retailers reported better results for the latest quarter, joining a long list of companies in what’s been a stronger earnings reporting season than hoped. But the main reason for this week’s leap for stocks was rising hope that the Federal Reserve is done hiking interest rates and may turn to cutting them next year.
The S&P 500 rose 5.78 points, or 0.1%, to 4,514.02.
The Dow Jones Industrial Average rose 1.81 points, or less than 0.1%, to 34,947.28.
The Nasdaq composite rose 11.81 points, or 0.1%, to 14,125.48.
The Russell 2000 index of smaller companies rose 24.01 points, or 1.4% to 1,797.77.
For the week:
The S&P 500 is up 98.78 points, or 2.2%.
The Dow is up 664.18 points, or 1.9%.
The Nasdaq is up 327.37 points, or 2.4%.
The Russell 2000 is up 92.44 points, or 5.4%.
For the year:
The S&P 500 is up 674.52 points, or 17.6%.
The Dow is up 1,800.03 points, or 5.4%.
The Nasdaq is up 3,659 points, or 35%.
The Russell 2000 is up 36.52 points, or 2.1%.