Wall Street extends its rally and closes at highest level since March 2022

A broad rally on Wall Street closed out a fifth straight week of gains for the market Friday, driving the S&P 500 to its highest level in more than a year.

The benchmark index rose 0.6%, eclipsing its previous high for the year set in July. The Dow Jones Industrial Average closed 0.8% higher, while the Nasdaq composite added 0.6%. Gainers outnumbered decliners by roughly 6-to-1 on the New York Stock Exchange.

The latest gains followed the market's best month in more than a year. Growing expectations on Wall Street that the Federal Reserve may cut interest rates as soon as early next year have put investors in a buying mood.