NEW YORK, Nov 2 - Global stock indexes rallied and the U.S. dollar fell on Thursday on investor optimism that the Federal Reserve may be done hiking interest rates, while benchmark 10-year Treasury yields fell to three-week lows.
Even though neither the Fed nor the BoE signalled that rate cuts were likely any time soon, just the glimpse of light at the end of the tunnel after 20 months of relentless hiking was enough to recharge the bulls. In stocks, the Dow Jones Industrial Average rose 389.08 points, or 1.17%, to 33,663.66, the S&P 500 gained 62.04 points, or 1.46%, to 4,299.9 and the Nasdaq Composite added 176.79 points, or 1.35%, to 13,238.25.
"But at the same time, everyone is looking at a slowdown and inflation is going in the right direction," Bechtel said.Sterling, meanwhile, held firm after the BoE decision. The pound rose as much as 0.6% against the dollar to $1.2225, its highest level in 1-1/2 weeks. It was last up 0.2%.
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