Thursday 10 November 2022 08:38 PM Dow surges 1,000 points as Wall Street heads for its best day in two years trends now
View
comments
Wall Street surged on Thursday and pointed toward its best session in two years after a new report showed US inflation is cooling faster than expected.
The Dow Jones Industrial average was up 1,012 points, or 3.11 percent, at 33,526 in afternoon trading at 2.45pm. The S&P 500 soared 4.67 percent and the Nasdaq roared up 6.21 percent.
If the gains hold, it would mark the major stock indexes' best day since April 2020, when markets surged furiously in a lighting recovery from the COVID-19 pandemic crash.
Thursday's dizzying gains followed the latest consumer price index report showing annual inflation dipped for the fourth-straight month in October, giving investors hope that the Federal Reserve will ease the pace of its aggressive interest rate hikes.
A five-day view of the Dow shows the index surging on Thursday in a strong session
Thursday's dizzying gains followed the latest consumer price index report showing annual inflation dipped for the fourth-straight month in October
Inflation reached a four-decade high of 9.2 percent in June, and the Fed is attempting to tame soaring prices by raising borrowing costs and cooling down the economy.
The October CPI report showed inflation at 7.7 percent, less than economists expected, raising hopes that the Fed will slow
