S&P 500, Dow book highest close in about 7 weeks on Thursday, stocks extend rally as earnings ramp up

U.S. stocks finished higher Thursday, extending a rally that lifted the S&P 500 and Dow to their highest close in roughly seven weeks, according to FactSet data. The Dow Jones Industrial Average
DJIA,
+1.03%
climbed roughly 330 points, or 1%, ending near 32,526. The S&P 500 index
SPX,
+1.21%
gained 1.2% to book its highest finish since June 8, according to FactSet. The Nasdaq Composite Index
COMP,
+1.08%
ended 1.1% higher. Stocks have been advancing since the Federal Reserve on Wednesday fired off a second, extra-large interest rate increase of 75 basis points as it works to tame inflation at its highest in 41 years. Fed Chair Jerome Powell also the pace of hikes could slow “at some point,” while playing up the potential to avoid a U.S. recession despite weaker economic data.