The benchmark indexes have experienced a broad sell-off since the beginning of 2022 due to the Fed’s aggressive interest rate hikes to curb soaring inflation, geopolitical conflicts between Russia and Ukraine, and major supply chain bottlenecks. However, with the October CPI report coming in lower than expected, the major indices staged their biggest rally since 2020.
The Dow Jones Industrial Average jumped 3.7% to 33,715.37, marking its biggest one-day gain since the market emerged from the pandemic. The S&P 500 jumped 5.5%, while the Nasdaq Composite surged 7.4%.
