Big rate hikes by the Fed have been the main reason for Wall Street’s struggles this year and are threatening a recession.
NEW YORK — Stocks are galloping toward their best day in years Thursday as exhilaration sweeps Wall Street and financial markets worldwide after a report showed inflation in the United States slowed last month by even more than expected.
The S&P 500 was 3.3% higher in early trading, while the data sent prices immediately jumping in markets for everything from metals to European stocks. Even bitcoin clawed back some of its steep plunge from prior days caused by the crypto industry’s latest crisis of confidence.
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