U.S. stocks finished sharply higher on Thursday, logging their biggest single-session rally in more than two years as the Dow soared more than 1,200 points on data suggesting inflation may be peaking. When looking at stock performance on CPI data days, both the S&P 500 and Nasdaq clinched their biggest daily gains in the history of the data series.
Falling Treasury yields and a softer dollar, driven by expectations that the Federal Reserve might opt for a smaller interest-rate hike in December, also helped to boost stocks, market analysts said. What stocks did
The S&P 500
closed up 207.80 points, or 5.5%, to 3,956.37, its highest end-of-day level since Sept. 12.
The Dow Jones Industrial Average
climbed 1,201.43 points, or 3.7%, to 33,715.37, its highest closing level since August.
The Nasdaq Composite
advanced 760.97 points, or 7.4%, to 11,114.15, its biggest daily rise in percentage-point terms since March 2020.
Thursday’s move higher in stocks helped the S&P 500 and Nasdaq Composite erase all the losses from Wednesday’s session and catapulted …