Market Snapshot: U.S. stocks rally on report Fed may shift to smaller rate hikes after November

by | Oct 21, 2022 | Stock Market

U.S. stocks traded higher on Friday in choppy trade as investors reacted to a story from the Wall Street Journal suggesting that the Federal Reserve might shift to smaller interest-rate rises after its November meeting, while also weighing some poor earnings results. Investors were also bracing for more intraday volatility in stocks as more than $1.7 trillion in notional value of options on stocks, indexes and exchange-traded funds have expired, or will expire, on Friday, according to Goldman Sachs. Stocks have continued to see large intraday swings, with the Nasdaq briefly dipping into the red.

What’s happening
The Dow Jones Industrial Average
DJIA,
+1.48%
advanced 214 points, or 0.7%, to 30,552.

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