{"id":6171,"date":"2023-11-02T18:17:44","date_gmt":"2023-11-02T18:17:44","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/dow-jones-soars-nearly-500-points-to-session-high-on-signs-that-fed-may-be-done-hiking-rates\/"},"modified":"2023-11-02T18:17:45","modified_gmt":"2023-11-02T18:17:45","slug":"dow-jones-soars-nearly-500-points-to-session-high-on-signs-that-fed-may-be-done-hiking-rates","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6171","title":{"rendered":"Dow Jones soars nearly 500 points to session high on signs that Fed may be done hiking rates"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002684404\" role=\"document\">\n<p>U.S. stocks were trading near session highs Thursday afternoon, with the S&amp;P 500 on track to climb for a fourth straight session as bond yields slumped and traders cheered signs that the Federal Reserve may forgo further interest-rate hikes.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       gained 485 points, or 1.5%, to 33,755, setting fresh highs for the session. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       rose 72 points, or 1.7%, to 4,310. <\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 211 points, or 1.6%, to 13,272. <\/p>\n<\/li>\n<\/ul>\n<p>On Wednesday, the Dow rose 222 points, or 0.67%, to 33275, logging its biggest three-session advance since April. 3, Dow Jones Market Data show. <\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Wall Street stepped up a four-day rally Thursday afternoon, with energy, financials and the rate-sensitive information technology segments of the S&amp;P 500 all up 5% on the week so far, according to FactSet data.<\/p>\n<p>The rally in stocks was intensifying after the Federal Reserve kept interest rates on hold Wednesday. The main focus in markets was on its hints that rising bond yields have been doing some of the central bank\u2019s inflation-fighting job for it.<\/p>\n<p>Although, Jamie Dimon, JP Morgan Chase &amp; Co.\u2019s<br \/>\n        JPM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205971034\/composite\" class=\"positive\">+1.37%<\/bg-quote><br \/>\n       chief executive, on Thursday warned of the chance of additional rate hikes, saying the mega bank was prepared in the event 10-year Treasury yields<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rise to 7% to 8%.<\/p>\n<p>\u201cObviously, the market is reacting positively,\u201d Peter Cardillo, chief market economist at Spartan Capital Securities, said during a phone interview with MarketWatch. <\/p>\n<p>\u201cThe fact that Powell paused for the second [meeting] in a row and basically indicated that rising yields are doing the Fed\u2019s work by saying yields would dampen activity going forward \u2014 to me this suggests that he\u2019s finished with the tightening cycle.\u201d<\/p>\n<p>Treasury yields continued to slide, with the 10-year yield down 8 basis points at 4.68%, near its lowest level in more than two weeks, according to FactSet data. Bond yields move inversely to prices. <\/p>\n<p>That also helped lift stocks, with the S&amp;P 500 poised to rise for a fourth day and on pace for its biggest four-day percentage gain in roughly a year, according to Dow Jones Market data.  <\/p>\n<p>Stocks added to their gains following a batch of favorable labor-market data released ahead of Friday\u2019s October jobs report. A weekly report on jobless claims showed the number of Americans who applied for unemployment benefits last week increased by 5,000 to a seven-week high of 217,000. <\/p>\n<p>But strategists were more focused on a quarterly U.S. government reading on labor-market productivity, which surpassed economists\u2019 expectations while showing that labor costs have fallen.<\/p>\n<p>A 0.8% decline in unit labor costs marked the first decline since the fourth quarter of last year. Cardillo said signs of cheaper labor helped boost demand for stocks Thursday. <\/p>\n<p>After the bell, investors will receive earnings from Apple<br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"positive\">+1.96%<\/bg-quote><br \/>\n       while they wait for Friday\u2019s October jobs report. <\/p>\n<p>They\u2019ll be watching carefully as the \u201cMagnificent Seven\u201d member lays out its latest results and guidance following a batch of earlier reports from other megacap technology companies that weren\u2019t well-received by the markets. <\/p>\n<p>Finally, the Bank of England on Thursday opted to follow the Fed and hold rates steady for a second straight meeting, though the vote was closer than expected: 6-to-3 in favor of keeping rates at 5.25%.<\/p>\n<h2>Stocks in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Crocs Inc.\u2019s<\/strong><br \/>\n        CROX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201458716\/composite\" class=\"negative\">-6.52%<\/bg-quote><br \/>\n       stock was 7% lower Thursday after its fourth-quarter earnings projections fell short of analyst estimates.  <\/p>\n<\/li>\n<li>\n      <strong>Starbucks Corp<\/strong>.<br \/>\n        SBUX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207508890\/composite\" class=\"positive\">+10.72%<\/bg-quote><br \/>\n       shares jumped more than 11% after earnings beat estimates and people continued to spend on pricier coffees. <\/p>\n<\/li>\n<li>\n      <strong>PayPal Holding<\/strong><br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"positive\">+6.67%<\/bg-quote><br \/>\n       shares were up 6% after Wall Street heard from its new CEO Alex Chriss as the company delivered quarterly results.<\/p>\n<\/li>\n<li>\n      Shares of <strong>Palantir<\/strong><br \/>\n        PLTR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/221054928\/composite\" class=\"positive\">+20.64%<\/bg-quote><br \/>\n       were nearly 20% higher.<\/p>\n<\/li>\n<li>\n      <strong>Tesla Inc.<\/strong><br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"positive\">+5.72%<\/bg-quote><br \/>\n       shares rose, putting them on track for their best day in a month and for a three-day win streak.<\/p>\n<\/li>\n<li>\n      <strong>Peloton Interactive Inc<\/strong>.<br \/>\n        PTON,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208035743\/composite\" class=\"positive\">+15.28%<\/bg-quote><br \/>\n       turned higher, jumping 16%, despite the maker of connected exercise equipment delivering a downbeat outlook for the holiday period.<\/p>\n<\/li>\n<li>\n      <strong>Eli Lilly &amp; Co.<\/strong><br \/>\n        LLY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200106384\/composite\" class=\"positive\">+4.28%<\/bg-quote><br \/>\n       shares rose on Thursday after the drugmaker reported a surprise third-quarter profit and strong sales growth, boosted by diabetes drug Mounjaro. <\/p>\n<\/li>\n<\/ul>\n<p><em>\u2014Steve Goldstein contributed reporting<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-extend-gains-on-hopes-rate-hike-cycle-has-peaked-09723eb6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks were trading near session highs Thursday afternoon, with the S&amp;P 500 on track to climb for a fourth straight session as bond yields slumped and traders cheered signs that the Federal Reserve may forgo further interest-rate hikes. What\u2019s happening The Dow Jones Industrial Average DJIA gained 485 points, or 1.5%, to 33,755, setting fresh highs for the session. The S&amp;P 500 SPX rose 72 points, or 1.7%, to 4,310. The Nasdaq Composite COMP gained 211 points, or 1.6%, to 13,272. On Wednesday, the Dow rose 222 points, or 0.67%, to 33275, logging its biggest three-session advance since April.<\/p>\n","protected":false},"author":1,"featured_media":6172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-6171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones soars nearly 500 points to session high on signs that Fed may be done hiking rates | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"U.S. stocks were trading near session highs Thursday afternoon, with the S&amp;P 500 on track to climb for a fourth straight session as bond yields\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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