Wall Street jumps as earnings gather momentum, Fed meeting nears

NEW YORK, Oct 30 - Wall Street rallied on Monday, surging at the start of what promises to be a hectic week marked with a heavy earnings docket, economic data, and the Federal Reserve's two-day monetary policy meeting and subsequent interest rate decision.

"Some common themes we’re seeing is companies are adjusting to a higher interest rate environment," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta, who also noted that"disruption from the supply chain seems to be lessening." "I think the Fed is going to hold interest steady on Wednesday and the market would be looking for some indication that they’re done raising rates for the year," Sroka added."Powell and the other members are probably content to let the cumulative effect of past rate increases appear, and unless there’s data contradicting the direction of inflation they’re probably done."

The Dow Jones Industrial Average rose 495.88 points, or 1.53%, to 32,913.47, the S&P 500 gained 47.33 points, or 1.15%, to 4,164.7 and the Nasdaq Composite added 144.02 points, or 1.14%, to 12,787.04.

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