U.S. stocks mounted a remarkable turnaround on Thursday with the Dow Jones Industrial Average surging nearly 1,500 points from peak to trough, after a sharp selloff early in session sparked by hotter-than-expected U.S. inflation data.U.S. stocks mounted a remarkable turnaround on Thursday with the Dow Jones Industrial Average surging nearly 1,500 points from peak to trough, after a sharp selloff early in session sparked by hotter-than-expected U.S. inflation data.
The hotter-than-expected inflation report sent three stock indexes tumbling early in the session with the S&P 500 SPX plunging 2.4% to its lowest level since November 2020, but the large-cap index finished 2.6% higher led by gains in energy and financials stocks, a swing of over 5% in total. It was also the first time on record that the Dow has risen at least 800 points in the same trading day that it was down at least 500 points at its low, according to Dow Jones Market Data.
According to the CME Group’s FedWatch tool, as of Thursday afternoon, market participants priced in 96.6% odds of another 75 basis point hike at the Fed’s Nov. 1-2 meeting, and a 3.4% probability that the Fed will increase rates by 100 basis points.
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