Stocks Surge to Near Record Highs on Rate Cut Hopes, Energy Shares Rally
• Wall Street indexes continue rally, touching highest levels since early 2022 • Interest rate sensitive stocks leading the gains as hopes grow for Fed rate cuts in 2023 • S&P 500 is on track for biggest quarterly gain in 3 years, within 0.5% of all-time high • Markets betting on 72.7% chance of 25 basis point Fed rate cut as early as March • Energy shares see largest percentage gains on oil price surge amid Middle East tensions