BREAKING: Wall Street marks biggest gain in year as inflation cools in October, as the S&P up 5.5% and Dow jumps some 1,200 points.
FILE - The New York Stock Exchange on Wednesday, June 29, 2022 in New York. &P 500 jumped 5.5% Thursday and the Dow rose nearly 1,200 points as traders took the data as a sign the worst of inflation may have passed. Treasury yields fell dramatically as bond markets relaxed. Even bitcoin rose on hopes a slowdown in inflation could mean the Federal Reserve won’t have to be so aggressive about raising interest rates.
The yield on the 10-year Treasury, which helps set rates for mortgages and other loans, fell to 3.85% from 4.10% late Wednesday, which is a major move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, dropped to 4.32% from 4.58%. “The month-on-month rate of inflation is much more informative,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments. “On that measure, inflation is still high, but not scary high.”
Higher rates have particularly hit high-growth tech stocks, cryptocurrencies and other investments seen as the riskiest or most expensive. The Nasdaq composite, which is full of tech-oriented stocks, is on track for its best day since the spring of 2020, when Wall Street was in the midst of its frenzied recovery from the crash caused by the coronavirus. The broader SHomebuilders and other companies in the housing industry were also strong on hopes the Fed will take it easier on rate hikes that have already sent mortgage rates to industry-punishing levels.
“The Fed was adamant that it won't hit the brakes on rate hikes until inflation slows, and while the market's rally indicates investors may see light at the end of the tunnel, it will get one more reading before its decision next month,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. “Remember that even as we see a slowdown, prices remain elevated and have a long way to go before normalizing.
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