Stocks Rally as Cooling Inflation Fuels Bets on Earlier Fed Rate Cuts
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U.S. consumer price index rose 3.2% year-over-year in October, below economists' forecast of 3.3%.
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Core CPI, excluding food and energy, rose 4% year-over-year, also below forecast of 4.1%.
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Stocks rallied on cooling inflation data, with S&P 500 up 1.38% and Nasdaq up 1.86%.
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Investors increased bets that the Fed is done hiking rates and may start cutting in 2023.
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Home Depot stock rose over 5% after beating profit estimates.