Another rally on Wall Street erases losses for the week

Stocks on Wall Street rallied for the second straight day Thursday and have now reversed the market’s sharp pullback at the start of the week.

The S&P 500 index rose 53.34 points, or 1.2%, to 4,448.98, with more than 85% of companies in the benchmark index notching gains.

The Dow gained 506.50 points, or 1.5%, to 34,764.82, while the Nasdaq rose 155.40 points, or 1%, to 15,052.24. The Russell 2000 of small company stocks rose 40.48 points, or 1.8%, to 2,259.04. It’s up 1% for the week.

The rally put the major indexes on pace for weekly gains just four days after a broad sell-off handed the S&P 500 its biggest skid since May and knocked the Dow more than 600 points lower.