Wall Street rallies, Dow surges over 350 pts
Major stock exchanges on Wall Street recorded significant gains deep into the session on Monday, as market participants locked their focus on the forthcoming two-day meeting of the Federal Reserve.
The cooler-than-expected economic data could leave room for the policymakers to move forward with interest rate hikes, with a 50 basis point increase being on the table for the Federal Reserve. The Center for Microeconomic Data at the Federal Reserve Bank of New York revealed that the country's inflation expectations eased in November, while investors braced for data on the US consumer price index (CPI), scheduled for release the following day.
The Dow Jones Industrial Average surged 1.10% or 369 points at 3:03 pm ET. The Nasdaq 100 and the S&P 500 jumped by 0.66% or 0.89% at the same time respectively. The euro was down by 0.08% against the American currency, to change hands to $1.05218 at 3:05 pm ET.