Wall Street surged after a report on U.S. inflation sent waves of relief through markets.

The S&P 500 jumped 1.9% to a two-month high Tuesday, one of is best days of the year. The Dow rallied 489 points, and the Nasdaq composite soared 2.4%.

The highly anticipated report showed inflation slowed last month, bolstering bets among traders that the Federal Reserve is finally done with its market-crunching hikes to interest rates. Technology and other high-growth stocks led the way higher. Stocks of smaller companies also got a particularly big boost on hopes that financial conditions won't tighten further. Treasury yields tumbled.

On Tuesday:

The S&P 500 rose 84.15 points, or 1.9%, to 4,495.70.

The Dow Jones Industrial Average rose 489.83 points, or 1.4%, to 34,827.70.

The Nasdaq composite rose 326.64 points, or 2.4%, to 14,094.38.

The Russell 2000 index of smaller companies rose 92.82 points, or 5.4% to 1,798.32.

For the week:

The S&P 500 is up 80.46 points, or 1.8%.

The Dow is up 544.60 points, or 1.6%.

The Nasdaq is up 296.27 points, or 2.1%

The Russell 2000 is up 93 points, or 5.5%.

For the year:

The S&P 500 is up 656.20 points, or 17.1%.

The Dow is up 1,680.45 points, or 5.1%.

The Nasdaq is up 3,627.90 points, or 34.7%

The Russell 2000 is up 37.08 points, or 2.1%.