On Wednesday, the S&P 500 surged over 3% on optimism the Fed might moderate its campaign of interest rate hikes.in November for the first time in 2-1/2 years as higher borrowing costs weighed on demand for goods, data showed, evidence the Fed's rate hikes have cooled the economy.0.3%, the same as in September, and over the 12 months through October the index increased 6.0% after advancing 6.3% the prior month.
Excluding the volatile food and energy components, the PCE price index rose 0.2%, one-tenth less than expected, after gaining 0.5% in September. "On a normal day, the package of data this morning would be pretty risk-on, but after the rally yesterday, I think it's not quite good enough to push another leg higher," said Ross Mayfield, an investment strategy analyst at Baird. Wednesday's rally drove the S&P 500 index
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