U.S. stocks joined a global rally, sending the Standard & Poor’s 500 Index to its highest close this year, as investors reassessed stimulus measures in Europe and warmed to the steps taken to boost growth.

The S&P 500 rose 1.6 percent to 2,022.01 at 4 p.m. in New York, capping a fourth straight week of gains, the most since November. The gauge finished above its average price during the past 200 days for the first time this year, ending its longest streak below that threshold since 2011.

“Any aggressive moves to stimulate growth to keep expansion on track is positive,” said Joe Quinlan, chief market strategist at U.S. Trust, Bank of America Private Wealth Management. “Global recessionary fears have receded, and that has been key. What the ECB did yesterday helped that momentum. What’s key for U.S. investors is the euro-dollar rate, and that’s back up which is good news for U.S. earnings and for affiliates of multinationals.”

Equities rallied Friday after a late-day rebound yesterday erased a selloff in the wake of expanded measures announced by the European Central Bank, along with comments by President Mario Draghi that suggested further cuts to interest rates were not likely. Investors today shrugged off worries the ECB steps might not be enough to revive growth, and piled back into shares that have carried the S&P 500’s recovery from a 22-month low last month, including energy, raw-materials, technology and financial companies.

The S&P 500 has rebounded more than 10 percent since a Feb. 11 low and trimmed its 2016 drop to less than 1.2 percent, after losses of as much as 11 percent amid concern over China’s economic slowdown and a deepening oil rout.

Investor sentiment in the aftermath of the ECB’s announcements, swinging from optimism the stimulus could boost growth to concern the measures would fall short, illustrates the tension in markets and the challenges central banks face in mollifying them after seven years of unconventional policy maneuvers.

Fed Watch

In the U.S., the Federal Reserve’s two-day meeting next week may further illuminate the trajectory of interest rates. While traders are pricing in little chance of an increase on March 16, they have boosted the odds for later in the year. The probability of a June move is now about 51 percent, from less than 2 percent a month ago, bolstered by improving economic data, stabilizing oil prices and the comeback in equities.

Fed officials have stressed that the pace of rate increases, following December’s first boost since 2006, will be gradual and data-dependent. Reports on retail sales, industrial production and housing starts are due next week before the meeting.

“The market is now looking forward to the Fed decision next week so it’s going to be pretty quiet,” said Patrick Spencer, equities vice chairman at Robert W. Baird & Co. in London. “This is the most hated bull market ever, but it’s all bubbling up back again.”