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Stock market today: Asian shares follow Wall St higher on hopes for an end to Fed rate hikes

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Asian shares have advanced after Wall Street roared higher on hopes that market-rattling hikes to interest rates are coming to an end. On Thursday, the S&P 500 leaped 1.9%, on pace for its best week in nearly a year. The Dow Jones Industrial Average jumped 1.7%, and the Nasdaq composite climbed 1.8% to 13,294.19.

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Nov. 3, 2023. A currency watches monitors near the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S.

Australia’s S&P/ASX 200 gained 1.1% to 6,978.20. South Korea’s Kospi surged 1.1% to 2,368.34. India’s Sensex was 0.6% higher and Bangkok’s SET rose 1.4%.Stock market today: Asian shares surge on hopes the Federal Reserve’s rate hikes are doneopted to keep its benchmark rate The Dow Jones Industrial Average jumped 1.7% to 33,838,08, and the Nasdaq composite climbed 1.8% to 13,294.19.

However, Fed chair Jerome Powell warned after the policy announcement Wednesday that if the 10-year yield ends up falling too far and reigniting pressure on inflation, the central bank might end up needing to hike rates again. Eli Lilly’s stock rose 4.7% after the drug maker said it benefited from soaring sales for its blockbuster diabetes treatment, Mounjaro, which is widely used for weight loss.to create an expansive amusement park operator with operations spread across 17 U.S. states and three countries. Their stocks were mixed, but both remain up more than 7% this week after rumors of the deal spread.

 

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