S&P 500 hits new record high amid signs of easing US economic gloom

Index climbs to all-time high of 4,838, clearing record set two years ago, as US consumer confidence rises while inflation concerns ease

The S&P 500 scaled a new all-time high on Friday amid signs that the economic despondency that has gripped US consumers may be easing.

The index climbed 1.2% to 4,838 on Friday afternoon, clearing a record last set two years ago. It has rallied more than 17% since late October.