Stocks Soar, Yields Plunge as Cooler Inflation Buoys Investors
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Stocks surged over 1% after cooler-than-expected October CPI inflation data showed prices rising just 0.2% month-over-month.
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The Dow jumped over 450 points, the Nasdaq gained nearly 2%, and the 10-year Treasury yield plummeted 17 basis points.
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Home Depot beat Q3 earnings estimates and saw a smaller-than-expected decline in same-store sales.
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According to a Bank of America survey, investors are highly confident bond yields will fall in 2024.
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Core CPI rose just 0.2% monthly in October, the slowest pace since September 2021, easing fears of more aggressive Fed rate hikes.