Wall Street soars to best gain since July, S&P 500 up 2.6%
Financial Markets Wall Street
The Dow Jones Industrial Average jumped 2.7%, and the Nasdaq composite gained 2.3% in Monday's widespread rally that swept the vast majority of U.S. stocks higher. The Fed has already pulled its key overnight interest rate to a range of 3% to 3.25%, up from virtually zero as recently as March. Most traders expect it to be more than a full percentage point higher by early next year.
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.
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