On Wall Street, US stocks surged, Friday, to add to the prior US session’s biggest daily percentage gains for the S&P 500 and Nasdaq in more than 2-1\/2 years after year-over-year inflation in October fell below 8% for the first time in eight months.
The S&P 500 closed out its best week since June as a report on Thursday showing slowing inflation raised hopes that the Federal Reserve would soon slow its tightening campaign. The Dow Jones Industrial Average rose 0.1%, the S&P 500 gained 0.92% and the Nasdaq Composite advanced 1.88%.
MSCI’s all-country world index rose 1.91%, lifting it to its highest levels since mid-September, as the market repriced expectations for the Fed’s target rate to peak below 5%, or about 20 basis points lower than recent highs.
Market bets that the Fed will raise rates by 50 basis points in December increased, while the probability of a 75 basis points hike decreased.
The broader market index added 0.9%, to close at 3,992.93. This brought its gain for the week to 5.9%, its best week since the one ended June 24 of this year. The Nasdaq Composite added about 1.9% to end at 11,323.33 as investors snapped up tech shares on hopes interest rates would ease. The Dow Jones Industrial Average gained 0.1%, closing at 33,747.86.
Tech stocks on Friday shook off a decline in cryptocurrencies. Virtual currencies tumbled sharply this week and once again came under pressure Friday after FTX filed for bankruptcy protection, and CEO Sam Bankman-Fried resigned. Bitcoin and ether both declined.<\/p>\n","protected":false},"excerpt":{"rendered":"
On Wall Street, US stocks surged, Friday, to add to the prior US session’s biggest daily percentage gains for the S&P 500 and Nasdaq in more than 2-1\/2 years after year-over-year inflation in October fell below 8% for the first time in eight months.The S&P 500 closed out its best week since June as a …<\/p>\n","protected":false},"author":13,"featured_media":53440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6902,6885,6901,516,10075,7442],"class_list":["post-75551","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-dow-jones","tag-fed","tag-nasdaq","tag-sp-500","tag-tech-stocks","tag-us-shares"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=75551"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75551\/revisions"}],"predecessor-version":[{"id":75558,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75551\/revisions\/75558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53440"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=75551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=75551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=75551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}