The Dow and S&P 500 powered to fresh records Friday amid rising optimism over an economic recovery as coronavirus vaccines become increasingly available.

Banking and petroleum-linked shares were among the leaders as tepid consumer pricing data reassured investors that inflation remains limited even as the economy picks up momentum.

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"This period of hesitation and rotation going on since mid-February is coming to an end," said Karl Haeling of LBBW, who expects a strong April for stocks.

The Dow Jones Industrial Average jumped 1.4% to 33,072.88, topping a record set earlier this month.

The S&P 500 gained 1.7% to 3,974.54, also a record, while the tech-rich Nasdaq Composite Index gained 1.2% to 13,138.73.

Commerce Department data showed prices grew less than expected at 0.2% in February, which was 1.6% higher than the year-ago period, easing fears that government stimulus measures would cause inflation and force the Federal Reserve to raise interest rates sooner than expected.

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JPMorgan Chase jumped 1.7% while Bank of America advanced 2.7% following the Federal Reserve's announcement that most financial institutions could resume share buybacks and dividend payouts after June 30.

Petroleum producers Apache, EOG and Marathon all won at least 2.0% behind rising confidence in an economic recovery that boosts oil demand.