Stock market today: Most of Wall Street leaps in a widespread rally, from big stocks to small

NEW YORK — Wall Street rallied following encouraging reports on inflation and on profits at 3M and other big U.S. companies. The S&P 500 rose 1.1% for its best day in seven weeks. The Dow Jones Industrial Average jumped 1.6%, and the Nasdaq composite climbed 1%. The market’s widespread gains included rallies for both Big Tech behemoths and smaller stocks, a departure from much of this month’s trading where a divide deepened between the two groups.

Nvidia rose 1.2% to cut into what had been a 4.8% loss for the week. Most of the other members of the small group of stocks known as the “Magnificent Seven” also rose to claw back some of their losses from earlier in the week. Industrial companies and other businesses whose profits are closely tied to the strength of the economy also rallied. They had lagged this year as high interest weighed on the U.S. economy and slowed its growth.

Stocks generally got another boost from the latest update on inflation, which investors saw as further evidence their expectations for coming cuts to interest rates will prove true. “Income growth is slow, spending growth is moderating, goods prices are in deflation, service price inflation is tame," according to Brian Jacobsen, chief economist at Annex Wealth Management."If this doesn’t give the Fed confidence to cut, nothing will.”

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