All three major U.S. stock indexes closed up more than 1%, bouncing back from the previous week's sell-off. Interest rate sensitive megacap stocks provided the most upside muscle.
Analysts now expect, on aggregate, annual third quarter S&P 500 earnings growth of 4.3%, a marked improvement over the 1.6% year-on-year growth seen at the beginning of October. On Tuesday, the Federal Open Markets Committee is expected to convene for a two-day monetary policy meeting, which is expected to culminate in a decision to let the Fed funds target rate stand at 5.25%-5.50%.
The Bank of England and the Bank of Japan would also be announcing rate decisions this week, with the latter set to consider a further adjustment to its yield curve control framework, according to a Nikkei report. According to preliminary data, the S&P 500 gained 49.19 points, or 1.19%, to end at 4,166.56 points, while the Nasdaq Composite gained 143.74 points, or 1.14%, to 12,786.75. The Dow Jones Industrial Average rose 512.02 points, or 1.58%, to 32,927.51.
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