A rally on Wall Street is likely to send Australian stocks higher, while oil prices eased on the lessening of fears about the Israel-Gaza war disrupting supply from the region.Disclaimer: thisOn Wall Street: Dow up 1.6 per cent, S&P 500 up 1.2 per cent, Nasdaq up 1.2 per cent.Spot gold: Down 0.5 per cent to $US1995.85 an ounceWall Street bounces, powered by earnings momentum
Interest-rate-sensitive megacap stocks, led by Microsoft, Amazon, and Apple provided the most upside muscle. Analysts now expect, on aggregate, annual third-quarter S&P 500 earnings growth of 4.3 per cent, a marked improvement over the 1.6 per cent 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 per cent.
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