Stock market today: Global shares follow Wall St higher on hopes for an end to Fed rate hikes

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Nov. 3, 2023. – World shares advanced on Friday after Wall Street roared higher on bets that market-rattling interest rate hikes are coming to an end.Germany’s DAX gained 0.3% to 15,184.05 and the CAC 40 in Paris added 0.2% to 7,076.

The S&P 500 leaped 1.9% Thursday in its fourth straight winning day and is already up 4.9% this week. The Dow Jones Industrial Average jumped 1.7% and the Nasdaq composite climbed 1.8%.Hong Kong’s Hang Seng added 2.6% to 17,687.00, while the Shanghai Composite gained 0.7% to 3,030.80. Tokyo markets were closed for a holiday.

Longer-term Treasury yields fell. The yield on the 10-year Treasury remained at 4.67% early Friday from more than 5% last week, when it reached its highest level since 2007. One preliminary report Thursday said output by U.S. businesses rose during the summer by a larger share than the number of hours worked increased. Such an improvement in productivity gains could ease pressure on inflation while helping the economy to grow.

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