Stocks on Wall Street bounced back from a midafternoon fade Friday, and the market closed out its fourth-straight winning month with solid gains.

The S&P 500 rose 1% to finish August with a gain of 2.3%. The Nasdaq added 1.1%. The Dow Jones Industrial Average rose 228 points, or 0.6%, and set another all-time high.

An inflation measure closely tracked by the Federal Reserve remained low last month, keeping the central bank on track to cut rates at its upcoming meeting.

Chipmakers were broadly higher, led by Marvell Technology, which climbed 9.2% after hitting Wall Street's sales and profit targets.