Stocks rose late in the day, posting one of the largest November gains on record, fueled by speculation that the Federal Reserve will end its rate hikes and cut rates next year.
The S&P 500's $3 trillion gain this month moved it 5% away from its all-time high. Thursday, the Nasdaq 100 underperformed. The Dow Jones Industrial Average rose, led by gains in Salesforce and Boeing. Ten-year US Treasury yields increased eight basis points to 4.34%. The dollar rose, but it had its worst month in a year.
Consumer spending, inflation, and the labor market in the United States have all cooled in recent weeks, adding to evidence that growth is gradually slowing. The Fed's preferred gauge of underlying inflation, the core personal consumption expenditures price index, met economists' expectations.
Traders continued to monitor the latest remarks from US officials. President of the Federal Reserve Bank of New York, Williams, reiterated that the benchmark lending rate is at or near its peak and that policy is "quite restrictive." His San Francisco counterpart, Daly, said rates are in a "very good place" to control inflation, but she's not considering cuts and said it's too early to tell if hikes are done.
Oil fell as OPEC+'s output cut failed to persuade traders.