Stocks Hit Highs as CPI Gives Fed All-Clear to Cut: Markets Wrap

Wall Street saw a relief rally as cooler-than-estimated inflation data reinforced trader conviction on Federal Reserve interest-rate cuts.

Stocks extended their October advance, with the S&P 500 hitting fresh all-time highs amid speculation that policy easing will keep powering corporate earnings. An initial jump in Treasuries waned after manufacturing and service surveys underscored resilience in the world’s largest economy.