Topline<\/p>\n
The three major market indexes surged Friday afternoon after New York Federal Reserve President John Williams said he sees room for interest rate cuts in the \u201cnear term,\u201d raising prospects among investors as waning hopes have pulled down stocks in recent days. <\/p>\n
Other Federal Reserve officials have supported maintaining the current rates. <\/p>\n
Getty ImagesKey Facts<\/p>\n
The Dow Jones Industrial Average rose by more than 600 points (1.4%), while the S&P 500 jumped 1.1% and the tech-heavy Nasdaq rallied more than 1% as of 1 p.m. EST on Friday.<\/p>\n
Gains were recorded across the Nasdaq, with increases for Intel (1.5%), Adobe (3.5%), Intuit (6%), Qualcomm (2%), Apple (1.8%), despite losses for Palantir (0.5%), Microsoft (0.9%) and Broadcom (1.3%), while Nvidia\u2019s stock was largely unchanged<\/p>\n
The Dow was boosted by increases for Merck & Co (4.7%), Home Depot (3.9%), American Express (2.9%) and Amazon (1%).<\/p>\n
Why Are Stocks Rallying Today?<\/p>\n
\u201cI still see room for a further adjustment [to interest rates] in the near term\u201d to adjust U.S. monetary policy to \u201cthe range of neutral,\u201d said Williams in prepared remarks<\/a> Friday at a conference hosted by the Central Bank of Chile. Since Williams\u2019 speech, markets have priced in odds of 75.1% for a 25-basis-point cut to interest rates to a range of 3.5% to 3.75%, according to CME\u2019s FedWatch tool<\/a>. Williams said he believed the risks of a cooling labor market had increased, while the risks of inflation had \u201clessened somewhat,\u201d adding it was still \u201cimperative\u201d to lower inflation to the Fed\u2019s 2% target. The Dow erased a 700-point gain on Thursday, as odds for an interest rate reduction fell well below 40%. Those reduced odds followed the Bureau of Labor Statistics reporting the U.S. added 119,000 jobs in September, beating Wall Street\u2019s estimates.<\/p>\n Read More<\/p>\n","protected":false},"excerpt":{"rendered":"Topline The three major market indexes surged Friday afternoon after New York Federal Reserve President John Williams said…\n","protected":false},"author":2,"featured_media":298189,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,1376,45068,1823,2071,10080,134097,1375,58120,166,176],"class_list":["post-298188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-donald-trump","tag-dow","tag-fed","tag-federal-reserve","tag-interest-rate","tag-interest-rate-odds","tag-jerome-powell","tag-john-williams","tag-nasdaq","tag-stocks"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/298188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=298188"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/298188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/298189"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=298188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=298188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=298188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}