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Signs of easing inflation and optimism over the economy boosted the Nasdaq to its strongest first-half performance since 1983.
Solid economic numbers lifted the S&P 500 and Russell 200 to nearly two-week highs.
The S&P 500 and Dow retreated from the previous day's gains after Fed Chair Powell delivered another round of hawkish commentary about inflation.
A handful of unexpectedly strong economic reports, including a surprise surge in consumer confidence, helped power a broad rise on the major U.S. indexes.
The Nasdaq and S&P 500 fell to two-week lows, adding to last week's declines, as investors continued to digest hawkish Fed comments and recession risks.
A burst of hawkish Federal Reserve commentary earlier in the week and growing concerns about the economy continued to weigh on the major U.S. stock indexes Friday, leaving the Nasdaq Composite (COMPX) down 1.4% for the week and the S&P 500® Index (SPX) 1.4% lower.
Large- and small-cap companies diverged once again Thursday, with the S&P 500®(SPX) and Nasdaq Composite (COMPX) rising for the first time in four sessions while the small-cap Russell 2000 (RUT) dropped to a more-than two-week low, as investors fretted about recession risks and more interest-rate warnings from Federal Reserve Chair Jerome Powell.
Fed Chair Powell's comments before Congress raised expectations for additional rate increases this year.
Despite some late-session losses, the S&P 500 still ended with its strongest weekly performance since March. Big companies continued to outpace their smaller peers.
The S&P 500 rose for the sixth straight session to a new 14-month high thanks to investor hopes that the end of the rate-hiking cycle could be near.
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