U.S. stocks rose closer to their records and closed out their best week of the year as hopes built for a big rate cut next week.

The S&P 500 rose 0.5% Friday to climb within 0.7% of its all-time high reached in July. The Dow Jones Industrial Average added 0.7%, and also traded close to its own record high. The Nasdaq composite rose 0.7%.

Stocks got support from the bond market, where Treasury yields eased ahead of next week’s meeting of the Federal Reserve. Traders are rekindling hopes the Fed may deliver a bigger-than-usual cut to interest rates.

On Friday:

The S&P 500 rose 30.26 points, or 0.5%, to 5,626.02.

The Dow Jones Industrial Average rose 297.01 points, or 0.7%, to 41,393.78.

The Nasdaq composite rose 114.30 points, or 0.7%, to 17,683.98.

The Russell 2000 index of smaller companies rose 53.06 points, or 2.5%, to 2,182.49.

For the week:

The S&P 500 is up 217.60 points, or 4%.

The Dow is up 1,048.37 points, or 2.6%.

The Nasdaq is up 993.14 points, or 6%.

The Russell 2000 is up 91.08 points, or 4.4%.

For the year:

The S&P 500 is up 856.19 points, or 18%.

The Dow is up 3,704.24 points, or 9.8%.

The Nasdaq is up 2,672.62 points, or 17.8%.

The Russell 2000 is up 155.42 points, or 7.7%.