The Globe and Mail reports in its Friday edition that stocks charged ahead Thursday, with the S&P 500 rising 1 per cent to a record close and the S&P/TSX Composite Index adding 200 points. A Reuters dispatch to The Globe says technology and growth stocks were top performers as investor optimism grew about prospects for U.S. Federal Reserve rate cuts this year. The Philadelphia Semiconductor Index outperformed the broader market to finish up 3.36 per cent at a record closing high as investors piled into chip companies, which they see as key beneficiaries to artificial intelligence-related demand. In Washington, Fed chair Jerome Powell told a U.S. Senate committee that the central bank is "not far" from being confident inflation is declining toward the 2-per-cent target, which would make rate cuts possible. His comments reinforced investor hopes for a first Fed rate cut in June. Toronto ended up 200.60 points at 21,794.56, its highest closing level since April, 2022. Tech stocks added 2.5 per cent. Descartes shares added 4.6 per cent after the software company beat fourth-quarter revenue estimates and shares of Constellation Software were up 4.5 per cent. Oil ended slightly lower at $78.93 (U.S.) a barrel.