Stocks marched broadly higher on Wall Street on Wednesday, briefly nudging the S&P 500 above its all-time closing high set in February, before the coronavirus pandemic led to a historic market plunge.
The benchmark index notched a 1.4 percent gain, its eighth in nine days. It ended within 0.2 percent of its record high from Feb. 19, when the coronavirus seemed like only a far-away worry for Wall Street.
Big technology stocks led the way higher once again. Health care and communication services stocks also had a strong showing. The rally followed gains for stocks across Europe and much of Asia, while Treasury yields continued their sharp increase after a report on inflation came in higher than expected for the second straight day.
The S&P 500 rose 46.66 points to 3,380.35. The Dow Jones Industrial Average gained 289.93 points, or 1 percent, to 27,976.84. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 229.42 points, or 2.1 percent, to 11,012.24. The Russell 2000 index of small company stocks picked up 8.15 points, or 0.5 percent, to 1,583.25.
The U.S. stock market is on the edge of erasing the last of the losses taken after the coronavirus pandemic crushed the economy into recession, even though the economy is still hobbling despite some recent improvements. In March, the S&P 500 had been down nearly 34 percent from its record.
Much of the rebound has been due to massive amounts of support from the Federal Reserve, which has slashed interest rates to nearly zero and propped up far-ranging corners of the bond market to keep the economy’s head above water. The ultra-low interest rates mean investors are getting paid very little to own bonds, which pushes some into stocks, boosting their prices.