Stock Market Today: Dow futures jump back towards record high amid global rally
The Dow Jones Industrial Average added 260.36 points, or 0.6%, ending at 42,175.11, its second-highest close ever.
The S&P 500 rose 23.11 points, or 0.4%, ending at 5,745.37, scoring its 42nd all-time closing high this year.
The Nasdaq Composite added 108.09 points, or 0.6%, ending at 18,190.29.
Traders were dialing back expectations for how big of an interest-rate cut could be on the docket at the Federal Reserve’s November meeting, with the odds shifting in favor of a cut of 25 basis points on Thursday after a string of economic data pointed to resilience in the U.S. economy.
While the labor market remains the biggest focus, investors will be keeping an eye on Friday’s inflation data via the Fed’s preferred PCE index, which is likely to show inflation cooling futher, backing additional rate cuts.