Stocks surged in a buy-everything relief rally after slower-than-projected price growth spurred bets the Federal Reserve can downshift its aggressive rate-hike path.
The S&P 500 climbed 5.5% for the best first-day reaction to a CPI report since at least 2003 when records began. About 96% of stocks in the benchmark were in the green, the broadest advance since Oct. 4, according to Bloomberg data. The rally caught short-sellers wrong-footed, helping spur the outsized gains. Crypto markets stabilized despite the turmoil surrounding crypto exchange FTX.
