US stocks gain as Fedral rate hike odds fall

GMT 20:29 2015 Thursday ,15 October

Arab Today, arab today US stocks gain as Fedral rate hike odds fall

At the closing bell
New York - AFP

Wall Street stocks finished solidly higher Thursday, following global equity markets upward on rising confidence the US Federal Reserve will delay hiking interest rates.

At the closing bell, the Dow Jones Industrial Average stood at 17,143.25, up 218.50 points (1.29 percent).

The broad-based S&P 500 jumped 29.67 (1.49 percent) to 2,023.91, while the tech-rich Nasdaq Composite Index advanced 87.25 (1.82 percent) to 4,870.10.

Analysts see a much lower chance of the Fed lifting rates following a stream of mediocre US economic reports, including data Thursday showing consumer prices fell in September.

"Investors are reacting to the increasing likelihood that the Fed rate hike, which had been expected just a month ago in September, now likely won't happen during the course of this year," said David Levy, portfolio manager at Kenjol Capital Management.

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