S&P 500 Surges Into Bull Market on Tech Strength, Fed Rate-Pause Hopes
- Rally led by big tech stocks with Nasdaq 100 up 32% this year
- Fed expected to pause rate hikes at next week’s meeting
Big tech stocks were the big gainers, as they have been for most of the year.
Photographer: Philip Pacheco/BloombergThis article is for subscribers only.
The S&P 500 Index entered a bull market Thursday as stocks rallied back from last year’s lows on optimism the Federal Reserve is nearing the end of its interest-rate hikes.
The broad equities benchmark rose 0.6% in the session to close at 4,293.93, marking a 20% jump from its Oct. 12 low of 3,577.03. A bull market is typically defined as a rebound of at least 20% from a recent bottom.