The S&P 500 closed at an all-time high on Friday as investors returned to buying equities in force following a short-lived market stumble to start the new year.

The broad market index rose 1.23% to settle at 4,839.81, surpassing both the prior record intraday and closing highs from January 2022. Meanwhile, the Dow Jones Industrial Average , which set its own record at the end of last year, added 395.19 points, or 1.05%, to end at 37,863.80. The Nasdaq Composite advanced 1.70% to 15,310.97. The smaller, more tech-focused Nasdaq-100

gained 1.95% to also hit a record high.

All three major averages are now in positive territory for 2024, with the 30-stock Dow going green during Friday’s rally.

Following a 19% loss in 2022, the S&P 500 roared back in 2023, posting a 24% gain as the economy skirted a recession that many had expected and inflation came down to levels that allowed the Federal Reserve to pause its interest rate hikes. The benchmark came close to reaching a record following a forceful fourth-quarter rally, but ultimately fell short. The market rally paused a bit to start 2024 as investors took some profits in the Big Tech leaders like Apple.