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The Dow jumped 664.18 points (1.4%) to 47,112.45, the S&P 500 advanced 60.76 points or 0.9% to 6,765.88 and the Nasdaq climbed 153.59 points (0.7%) to 23,025.59. U.S. stocks extended their winning streak, with major indexes posting gains for a third straight session as easing rate fears lifted sentiment. The upbeat tone on Wall Street came after dovish remarks from Federal Reserve officials and softer economic data, hinting at a slowdown that could support rate cuts. Weaker retail sales and stable producer prices suggested cooling demand, while a sharp drop in consumer confidence added to expectations of policy easing. According to CME Group, its FedWatch Tool now shows an 82.7% probability of another quarter-point rate cut next month, up sharply from 50.1% a week ago. Housing stocks moved sharply higher, driving the Philadelphia Housing Sector Index up by 4.2% to its best closing level in almost a month. National Association of Realtors released a report showing an unexpected jump by pending home sales in the month of October post which housing stocks rallied. Airline stocks was substantially strong, as reflected by the 3.9% surge by the NYSE Arca Airline Index. Pharmaceutical, healthcare and networking stocks too saw significant strength, moving higher along with most of the other major sectors. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index inched up by 0.1% while Hong Kong's Hang Seng Index and China's Shanghai Composite Index advanced by 0.7% and 0.9%, respectively. The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1.0%, the French CAC 40 Index is up by 0.9% and the U.K.'s FTSE 100 Index is up by 0.8%. In the bond market, treasuries extended the upward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 3.6 bps to a nearly one-month closing low of 4%. Powered by Capital Market - Live News
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