. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. The Dow rose 1,203 points, or 3.7%. The S&P 500 was up 5.5% while the Nasdaq Composite was 7.3% higher. That marked the biggest point gain for the Dow and also the biggest percentage jumps for the S&P and Nasdaq since spring 2020. Meanwhile, the 10-year Treasury yield tumbled below the threshold of 4%, to about 3.82%.
And the 10-year itself is influenced by short-term interest rates set by the Fed. The Consumer Price Index, a key inflation gauge, rose 7.7% for the year ending in October. Although that is still uncomfortably high, it is down from 8.2% in September and well below analyst estimates of 8%. It is also the smallest year-over-year increase for CPI since a 7.5% jump in January.
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