U.S. stocks closed sharply higher Thursday, with all three major indexes posting their best day of gains since 2020 as investors cheered signs that U.S. inflation might be headed lower. The DJIA shot up about 1,198 points, or 3.7%, ending near 33,712.
U.S. stocks closed sharply higher Thursday, with all three major indexes posting their best day of gains since 2020 as investors cheered signs that U.S. inflation finally might be headed lower. The Dow Jones Industrial Average DJIA, +3.70% shot up about 1,198 points, or 3.7%, ending near 33,712, marking its highest level since August and its best daily percentage gain since May 2020, according to Dow Jones Market Data. The S&P 500 index SPX, +5.54% gained 5.
The sharp rally on Wall Street was led by gains in technology and communication shares, segments of the S&P 500 that booked massive gains of about 8.3% and 6.3%, respectively, according to FactSet. Buyers came out in force after the release of October's consumer-price index showed a 7.7% annual rate of inflation, down from 9.1% this summer, while spurring hopes that the Federal Reserve might be making headway in its fight to bring inflation down to its 2% target.
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