Markets Wrap: S&P 500 Hits Record High
Wall Street saw a relief rally as cooler-than-estimated inflation reinforced trader conviction on Federal Reserve interest-rate cuts.
Stocks extended their October advance, with the S&P 500 hitting all-time highs on bets policy easing will power corporate earnings.
The slowest pace in three months for underlying inflation was a welcome surprise for traders, who’ve been flying almost blind amid the dearth of economic data since the start of the government shutdown.
The September core consumer price index increased 0.2% from August, and on an annual basis, it rose 3%.
The reaction in Treasuries was more subdued, money markets continued to priced in a high likelihood of two Fed reductions before the year is over.
Author's summary: S&P 500 hits record high.
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