Posted 11/2/2023, 6:53:00 PM
Stocks Surge as Investors Welcome Fed's Pause on Rate Hikes
- The Dow soared more than 500 points as investors bet the Fed is done with rate hikes
- Both the S&P 500 and Dow are on track for their largest weekly gains this year
- Treasury yields have come down precipitously since topping 5% last month
- Wall Street celebrated after the Fed kept rates unchanged and Powell said he was happy with inflation downward movement
- New data showed prices were coming down and the strong labor market might be easing