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Nasdaq, S&P 500 end sharply higher, fueled by inflation optimism

Stock Markets Nov 11, 2022 08:31PM ET
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2/2 © Reuters. FILE PHOTO: Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar 2/2
 
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By Noel Randewich and Sruthi Shankar

(Reuters) - The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with U.S. interest rate hikes.

Amazon (NASDAQ:AMZN) jumped 4.3%, with Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) both up more than 1% and contributing to the Nasdaq's gain.

On Thursday, the S&P 500 and the Nasdaq racked up their biggest daily percentage gains in more than 2-1/2 years as annual inflation slipped below 8% for the first time in eight months.

Declines in healthcare stocks limited the Dow Jones Industrial Average's gain, with UnitedHealth Group (NYSE:UNH) down 4.1% for the day.

"What we're really seeing today is simply a follow-through on yesterday. There's a lot of cash sitting on the sidelines that is being put to work," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

"Perhaps it signals some type of bottom being put in the market, some type of line drawn in the sand. But even if we put in a bottom, we're a long way away from setting new highs,” Ghriskey said.

Investors see an 81% chance of a 50-basis point rate hike in December and a 19% chance of a 75-basis point hike, according to CME Fedwatch tool.

Adding some nervousness on Wall Street, crypto exchange FTX said it would start U.S. bankruptcy proceedings and that CEO Sam Bankman-Fried resigned due to a liquidity crisis that prompted intervention from regulators around the world.

The S&P 500 climbed 0.93% to end the session at 3,993.05 points.

The Nasdaq gained 1.88% to 11,323.33 points, while Dow Jones Industrial Average rose 0.10% to 33,749.18 points.

Volume on U.S. exchanges was relatively heavy, with 13.5 billion shares traded, compared to an average of 12.0 billion shares over the previous 20 sessions.

Of the 11 S&P 500 sector indexes, six rose, led by energy, up 3.07%, followed by a 2.48% gain in communication services.

The S&P 500 growth index, which includes interest rate-sensitive technology stocks, rose 1.6%, beating the value index's gain of 0.3%.

For the week, the S&P 500 rose 5.9%, the Dow added 4.15% and the Nasdaq jumped 8.1%. It was the S&P 500's biggest weekly gain since June and the Nasdaq's largest weekly gain since March.

Worries about an economic downturn have hammered Wall Street this year. The S&P 500 remains down about 16% year to date, on course for its biggest annual decline since 2008.

U.S.-listed shares of Chinese companies rose, with Alibaba (NYSE:BABA) Group Holding Ltd gaining 1.4% after China eased some of its strict COVID-19 rules.

Advancing issues outnumbered falling ones within the S&P 500 by a 1.7-to-one ratio.

The S&P 500 posted 22 new highs and no new lows; the Nasdaq recorded 102 new highs and 110 new lows.

Nasdaq, S&P 500 end sharply higher, fueled by inflation optimism
 

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Comments (26)
Kerry Ditto
Kerry Ditto Nov 12, 2022 8:27AM ET
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oh, no. Trump to announce his intent to run for the 2024 bid. stock mkt on Monday will fall big because of the announcement plan. the mkt had a fake rally last week, so it has to roll back, the trump announcement plan is the catalyst.
Vv vV
Vv vV Nov 11, 2022 9:57PM ET
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Cpi now Only 7.7% Will continue going drop. Please stop buying car ya.
Paul Browning
Paul Browning Nov 11, 2022 9:37PM ET
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The Dow was up 41 points. I wouldn't call that sharply higher.
Tilak Mundu
tluck Nov 11, 2022 9:37PM ET
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for this article writer it is sharply higher
Paul Browning
Paul Browning Nov 11, 2022 9:37PM ET
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Actually it was up 32 points
First Last
First Last Nov 11, 2022 9:37PM ET
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Title says "Nasdaq, S&P 500 end sharply higher", not Dow.
Vv vV
Vv vV Nov 11, 2022 7:06PM ET
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If got more legs and hsmmer, is better n much convincing
Kerry Ditto
Kerry Ditto Nov 11, 2022 3:07PM ET
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100 bps hiking next month looks a sure thing. powell would be mad as he'll now
Chad Richer Than You
Chad Richer Than You Nov 11, 2022 3:07PM ET
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F the Feds & F the poor 💰💰
Farting Joe
Farting Joe Nov 11, 2022 3:06PM ET
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scam to be continued..
Luke Knoep
Luke Knoep Nov 11, 2022 3:06PM ET
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How do you expect people to take you seriously with a name like that
Kerry Ditto
Kerry Ditto Nov 11, 2022 3:02PM ET
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if wall street likes to take risk, sell stocks and buy crptos.
Kerry Ditto
Kerry Ditto Nov 11, 2022 2:58PM ET
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oil price jump means inflation will jump, further fed rate hiking to follow
Kerry Ditto
Kerry Ditto Nov 11, 2022 2:55PM ET
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crypto collapse means stock market collapse to follow.
Dave Jones
Dave Jones Nov 11, 2022 2:49PM ET
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Rates are still going up.
 
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