NEW YORK — U.S. stocks climbed Wednesday as smaller companies soared following a report that showed business investment climbed in August. Investors also hoped stocks will benefit from tax cuts proposed by President Donald Trump and congressional Republicans.

On Wednesday:

The Standard & Poor’s 500 index advanced 10.20 points, or 0.4 percent, to 2,507.04.

The Dow Jones industrial average picked up 56.39 points, or 0.3 percent, to 22,340.71.

The Nasdaq composite surged 73.10 points, or 1.1 percent, to 6,453.26.

The Russell 2000 index of smaller-company stocks jumped 27.95 points, or 1.9 percent, to 1,484.81.

For the week:

The S&P 500 is up 4.82 points, or 0.2 percent.

The Dow is down 8.88 points, or less than 0.1 percent.

The Nasdaq is up 26.34 points, or 0.4 percent.

The Russell 2000 is up 34.03 points, or 2.3 percent.

For the year:

The S&P 500 is up 268.21 points, or 12 percent.

The Dow is up 2,578.11 points, or 13 percent.

The Nasdaq is up 1,070.15 points, or 19.9 percent.

The Russell 2000 is up 127.68 points, or 9.4 percent.