Stocks Rise as Fed Signals Possible Pause in Rate Hikes
• Stocks gained Tuesday as the November rally continued, with the Dow up 83 points, the S&P 500 up 0.1%, and the Nasdaq up 0.3%.
• The 10-year Treasury yield fell to 4.343% and crude oil futures settled higher ahead of the OPEC meeting, with traders looking for Saudi Arabia and Russia to extend production cuts.
• PDD Holdings shares soared 18% after the Temu and Pinduoduo owner reported better-than-expected third quarter earnings.
• Fed Governor Christopher Waller's dovish comments stating policy is "well positioned to slow the economy" sent stocks higher as markets lowered expectations for further rate hikes.
• The WSJ Dollar Index fell 0.4% to 97.5 points, a level not seen since August, as the dollar weakened following Waller's indication that more hikes may not be necessary.