{"id":79814,"date":"2023-11-02T11:20:06","date_gmt":"2023-11-02T15:20:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-jones-gains-nearly-400-points-as-traders-cheer-signs-that-fed-may-be-done-hiking-rates\/"},"modified":"2023-11-02T11:20:10","modified_gmt":"2023-11-02T15:20:10","slug":"dow-jones-gains-nearly-400-points-as-traders-cheer-signs-that-fed-may-be-done-hiking-rates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79814","title":{"rendered":"Dow Jones gains nearly 400 points as traders cheer signs that Fed may be done hiking rates"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002684404\" role=\"document\">\n<p>U.S. stocks saw gains accelerate on Thursday, with the S&amp;P 500 on track to climb for a fourth straight session as traders cheered signs that the Federal Reserve may forgo further interest-rate hikes.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       gained 381 points, or 1.2%, to 33,656. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       rose by 65 points, or 1.5%, to 4,302. <\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 196 points, or 1.5%, to 13,258. <\/p>\n<\/li>\n<\/ul>\n<p>On Wednesday, the Dow rose 222 points, or 0.67%, to 33275, logging its biggest three-session advance since April. 3, Dow Jones Market Data show. <\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Wednesday\u2019s Federal Reserve decision was still driving moves across markets on Thursday. <\/p>\n<p>While the central bank left interest rates on hold as expected, investors fixated on language from the Fed\u2019s policy statement, which hinted that rising bond yields were, in fact, doing some of the Fed\u2019s inflation-fighting job for it.<\/p>\n<p>That led many investors to conclude that the central bank will likely leave rates on hold barring a significant economic downturn or reacceleration of inflationary pressures, an interpretation that has been bullish for stocks and bonds. <\/p>\n<p>On Thursday, the S&amp;P 500 looks poised to rise for a fourth day, what would be its first four-day winning streak since Oct. 11, according to FactSet data.  <\/p>\n<p>\u201cObviously, the market is reacting positively,\u201d Peter Cardillo, chief market economist at Spartan Capital Securities, said during a phone interview with MarketWatch. <\/p>\n<p>\u201cThe fact that Powell paused for the second month in a row and basically indicated that rising yields are doing the Fed\u2019s work by saying yields would dampen activity going forward \u2014 to me this suggests that he\u2019s finished with the tightening cycle.\u201d<\/p>\n<p>Stocks added to their gains following a batch of favorable labor-market data released ahead of Friday\u2019s October jobs report. <\/p>\n<p>A weekly report on jobless claims showed the number of Americans who applied for unemployment benefits last week increased by 5,000 to a seven-week high of 217,000. <\/p>\n<p>But strategists were more focused on a quarterly U.S. government reading on labor-market productivity, which surpassed economists\u2019 expectations while showing that labor costs have fallen.<\/p>\n<p>A 0.8% decline in unit labor costs marked the first decline since the fourth quarter of last year. Cardillo said signs of cheaper labor helped boost demand for stocks Thursday. <\/p>\n<p>Treasury yields continued to slide, with the 10-year yield<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       down 9.7 basis points at 4.664%, its lowest level in more than two weeks, according to FactSet data. Bond yields move inversely to prices. <\/p>\n<p>After the bell, investors will receive earnings from Apple<br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"positive\">+1.78%<\/bg-quote><br \/>\n       while they wait for Friday\u2019s October jobs report. <\/p>\n<p>They\u2019ll be watching carefully as the \u201cMagnificent Seven\u201d member lays out its latest results and guidance following a batch of earlier reports from other megacap technology companies that weren\u2019t well-received by the markets. <\/p>\n<p>Finally, the Bank of England on Thursday opted to follow the Fed and hold rates steady for a second straight meeting, though the vote was closer than expected: 6-to-3 in favor of keeping rates at 5.25%.<\/p>\n<h2>Stocks in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of <strong>Palantir<\/strong><br \/>\n        PLTR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/221054928\/composite\" class=\"positive\">+16.99%<\/bg-quote><br \/>\n       were up more than 12%.<\/p>\n<\/li>\n<li>\n      <strong>Tesla Inc.<\/strong><br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"positive\">+5.58%<\/bg-quote><br \/>\n       shares rose, putting them on track for their best day in a month and for a three-day win streak.<\/p>\n<\/li>\n<li>\n      <strong>Peloton Interactive Inc<\/strong>.<br \/>\n        PTON,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208035743\/composite\" class=\"positive\">+8.73%<\/bg-quote><br \/>\n       shares were sliding after the maker of connected exercise equipment delivered a downbeat outlook for the holiday period.<\/p>\n<\/li>\n<li>\n      <strong>Eli Lilly &amp; Co.<\/strong><br \/>\n        LLY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200106384\/composite\" class=\"positive\">+3.91%<\/bg-quote><br \/>\n       shares rose on Thursday after the drugmaker reported a surprise third-quarter profit and strong sales growth, boosted by diabetes drug Mounjaro. <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-extend-gains-on-hopes-rate-hike-cycle-has-peaked-09723eb6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks saw gains accelerate on Thursday, with the S&amp;P 500 on track to climb for a fourth straight session as traders cheered signs that the Federal Reserve may forgo further interest-rate hikes. What\u2019s happening The Dow Jones Industrial Average DJIA gained 381 points, or 1.2%, to 33,656. The S&amp;P 500 SPX rose by 65 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-79814","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones gains nearly 400 points as traders cheer signs that Fed may be done hiking rates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks saw gains accelerate on Thursday, with the S&amp;P 500 on track to climb for a fourth straight session as traders cheered signs that the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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