Wall Street rallied on Friday, lifting the S&P 500 3.1% for its best gain in two years. The benchmark index also ended the week 6.4% higher, erasing the brutal loss it took a week earlier.

It was just the second winning week for the S&P 500 in the last 12.

Stocks climbed this week as pressure from rising Treasury yields let up somewhat and investors speculated the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought to control inflation.

It’s been a reprieve from Wall Street’s tumble through most of the year.

On Friday:

The S&P 500 rose 116.01 points, or 3.1%, to 3,911.74.

The Dow Jones Industrial Average rose 823.32 points, or 2.7%, to 31,500.68.

The Nasdaq rose 375.43 points, or 3.3%, to 11,607.62.

The Russell 2000 index of smaller companies rose 54.06 points, or 3.2%, to 1,765.74.

For the week:

The S&P 500 is up 236.90 points, or 6.4%.

The Dow is up 1,611.90 points, or 5.4%.

The Nasdaq is up 809.27 points, or 7.5%.

The Russell 2000 is up 100.04 points, or 6%.

For the year:

The S&P 500 is down 854.44 points, or 17.9%.

The Dow is down 4,837.62 points, or 13.3%.

The Nasdaq is down 4,037.35 points, or 25.8%.

The Russell 2000 is down 479.58 points, or 21.4%.

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