Positive inflation figures on Thursday raised expectations that the Federal Reserve may start lowering interest rates in 2019. November will likely end on Wall Street with the largest monthly gains in more than a year.
208 points, or 0.6%, were added to the Dow Jones Industrial Average. Along with the Nasdaq Composite, the S&P 500 increased by 0.2%.
On the strength of higher-than-expected results, Salesforce and Snowflake both saw gains of 9.5% and 7.5%. The fact that fresh data from Europe indicated inflationary pressures are abating also helped to improve sentiment on Thursday.
The Federal Reserve’s preferred inflation indicator, the personal consumption expenditures price index, increased in October in line with predictions, up 0.2% for the month and 3.5% year over year, according to data released early on Thursday. The statistics might persuade the Fed to maintain current rates until 2024, at which point they might cut them.
A year ago, the closing highs of the Dow and S&P 500 indexes were only around 0.5% and 0.8%, respectively, and the tech-heavy Nasdaq Composite is about 0.7% away from its closing high for 2023.
Source (CNBC)
