U.S. stocks ended higher, extending a rally after a cooler-than-expected inflation reading raised hopes the Federal Reserve would get less aggressive with interest rate hikes
On Thursday, the S&P 500 and the Nasdaq racked up their biggest daily percentage gains in more than 2-1/2 years asDeclines in healthcare stocks limited the Dow Jones Industrial Average's gain, with UnitedHealth Group"What we're really seeing today is simply a follow-through on yesterday. There's a lot of cash sitting on the sidelines that is being put to work," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
"Perhaps it signals some type of bottom being put in the market, some type of line drawn in the sand. But even if we put in a bottom, we're a long way away from setting new highs,” Ghriskey said. Investors see an 81% chance of a 50-basis point rate hike in December and a 19% chance of a 75-basis point hike, according to CME Fedwatch tool.and that CEO Sam Bankman-Fried resigned due to a liquidity crisis that prompted intervention from regulators around the world.Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike SegarThe Nasdaq gained 1.88% to 11,323.
Volume on U.S. exchanges was relatively heavy, with 13.5 billion shares traded, compared to an average of 12.0 billion shares over the previous 20 sessions.
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