Wall Street Closes Sharply Higher as Inflation Data Fuels Investor Bets on Fed Rate Hike Slowdown

Wall Street registered its biggest rally since 2020 on Thursday following October’s inflation report suggesting a peaking of decades-high consumer prices, and investor optimism regarding a possible slowing down on Fed rate hikes.
The S&P 500 closed Nov. 10 at 3956.37 with a 5.54 percent increase; Dow Jones by 3.40 percent at 33,715.37 with an uptick of 1,201 points; and the Nasdaq Composite Index by 7.35 percent at 11,114.15, gaining 760.97 points. The 12-month Consumer Price Index (CPI) for October slowed down to 7.7 percent, the fourth straight month of decline since peaking at 9.1 percent in June 2022, according to the latest inflation data from the Bureau of Labor Statistics (BLS)….}