Wall Street indices rally on bets of peak US interest rates, strong earnings

Traders working on the floor of the New York Stock Exchange on Thursday. The Dow rallied over 500 points. – AFPpicWall Street’s three main stock indices rallied nearly 2% on Thursday on hopes that the US Federal Reserve has reached the end of its interest rate increasing campaign and a batch of upbeat quarterly financial updates added to the bullish mood.

The small-cap Russell 2000 index finished up 2.7% for its biggest one-day percentage gain since June 6. The comments, viewed as hints that the central bank is done with its rate hikes, sent longer-dated US Treasury yields tumbling, which supported stocks. After stocks tumbled in October, “the set-up was well primed for a bit of a relief rally”, said Emily Leveille, portfolio manager at Thornburg Investment Management in Santa Fe, New Mexico.

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