The Dow Jones Industrial Average rose 0.9%at 33,625.25 units, while the S&P 500 gained 1.1%at 4,255.50 units. The Nasdaq Composite added 1.5%at 12,969.66 units.
Ten of the 11 major S&P 500 sectors advanced, with communication services and information technology stocks leading gains. Apple and Alphabet rose more than 1% as investors returned to riskier assets and Treasury yields fell after a volatile week.
“Investors are becoming more optimistic in terms of the Fed not being as aggressive as the market previously expected”said Peter Cardillo, chief market economist at Spartan Capital Securities.
While the monetary authorities remain firm on further tightening of monetary policy until inflationary pressures fully subside, traders see a 55.5% chance the Fed will raise rates by 50 basis points next month rather than a 75 basis point hike.
The Federal Reserve has raised its policy rate by 225 basis points since March as it struggles to cool demand without sparking a sharp rise in layoffs.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
