NEW YORK — U.S. stocks surged Friday, with the Dow Jones industrials and the Standard & Poor’s 500 closing at record highs, joining a rally in Asian and European shares that was spurred by the Bank of Japan’s decision to unexpectedly expand its stimulus measures.
Friday’s rally caps a wild month for U.S. stocks. Fears about a sharp slowdown in global growth, particularly in Europe and Asia, whipsawed the market in early October, sending stocks on their most volatile stretch since 2011. The Dow Jones industrial average headed into the month slightly above 17,000, but by mid-October the index had fallen more than 5 percent, taking it into negative territory for the year. But stocks regained momentum in the second half of the month as healthy third-quarter earnings helped boost investor confidence in the U.S. economy.
The Dow on Friday jumped 195 points, or 1.1 percent, to 17,390.52, a closing record for the index. Its previous record close was 17,279.74, which it set on Sept. 19.
The S&P 500 advanced 23 points, or 1.2 percent, to 2,018.05, surpassing its prior closing record of 2,011.36, which came on Sept. 18.
The Nasdaq composite gained 65 points, or 1.4 percent, to 4,630.74.
The Russell 2000, a benchmark small-stock index, traded up 1.5 percent to 1,173.5, putting it back in positive territory for the year.
The Dow is up 4.9 percent for the year, the S&P up 9.2 percent.
The dollar hit a six-year high against the Japanese yen, while safe-haven assets such as Treasury bonds and gold declined, with gold futures slumping to a four-year low. Global stock markets also broadly gained.
Despite worries for Japan and the eurozone, Brian Peery, portfolio manager with Hennessy Funds, said overall the U.S. stock market is “in great shape,” pointing in part to corporate earnings and capital expenditures.
