Nasdaq ends up >2.5%, S&P 500 gains >1.5%, Dow up ~0.4%
Comm Svcs leads S&P 500 sector gainers; Staples weakest group
Dollar slips; bitcoin, crude, gold all rise >1%
US 10-Year Treasury yield dips to ~4.03%
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US STOCKS END GREEN AS MOOD IMPROVES AHEAD OF TURKEY DAY
Wall Street rebounded strongly on Monday, led by the Nasdaq Composite IXIC posting a 2.7% gain, in a holiday-shortened week before the Thanksgiving Day holiday on Thursday.
The move came as investors were cheered by rising confidence that the Federal Reserve will cut rates when it meets next month.
Fed funds futures traders are now pricing in an 85% probability of a December rate reduction, according to the CME Group’s FedWatch Tool.
San Francisco Federal Reserve Bank President Mary Daly supports lowering interest rates at the central bank's meeting next month as she sees a deterioration in the job market, she told the Wall Street Journal in an interview published on Monday.
With Monday’s rally, all three major indexes are now bumping up against their 50-day moving average and a big test for further gains will be whether they are able to decisively take out this technical resistance.
Communication Services led S&P 500 .SPLRCL subsectors, while consumer staples .SPLRCS lagged.
Below is Monday's closing market snapshot:
(Karen Brettell)
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EARLIER ON LIVE MARKETS:
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NVIDIA A "SCREAMING BUY" - NAVELLIER CLICK HERE
NASDAQ JUMPS IN EARLY TRADE AS MAG 7 STOCKS, CHIPS SHOW STRENGTH CLICK HERE
NASDAQ BEARS GET AGGRESSIVE CLICK HERE
TETHER: WHERE CRYPTO AND GOLD COLLIDE CLICK HERE
A GOOD TIME TO ADD RISK, SAYS HSBC CLICK HERE
BRITISH BUDGET A CLEARING EVENT FOR HOMEBUILDERS, SAY GOLDMAN CLICK HERE
CHEAPER GLP-1 DRUGS COULD PUT PACKAGED FOODS ON A CRASH DIET SAYS PIPER SANDLER CLICK HERE
EYES ON PEACE TALKS CLICK HERE
EUROPE BEFORE THE BELL: CATCH UP AND THEN WHAT? CLICK HERE
MORNING BID: HOLIDAY WEEK COULD BE PRIME TIME FOR YEN INTERVENTION CLICK HERE
Monitor https://tmsnrt.rs/3XiIhHd
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