Wall Street rallied to its best day since late July as falling bond yields eased some of the pressure that’s battered markets. The S&P 500 rose 2.6% Monday, the latest swing for a scattershot market that’s been mostly falling this year.
By raising rates, the Fed is making it more expensive to buy a house, a car or most anything else purchased on credit. The hope is to slow the economy just enough to starve inflation of the purchases needed to keep prices rising so quickly. But the Fed also risks causing a recession if it goes too far.
Altogether, the S&P 500 climbed 92.81 points to close at 3,678.43. The Dow gained 765.38 to 29,490.89, and the Nasdaq rose 239.82 to 10,815.43. It also lifted shares of energy-producing companies to big gains. Exxon Mobil leaped 5.3%, and Chevron climbed 5.6%., one of the most influential stocks on Wall Street because of its massive market value. The maker of electric vehicles delivered fewer vehicles from July through September than investors expected.
For markets to make a meaningful move higher, many investors say they need to see a break in inflation that gets the Fed to ease off its aggressive path.Such hopes for a Fed “pivot” by investors have repeatedly resurfaced this year, only to get shot down by further accelerations in inflation.
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