Excerpt from Yahoo Finance quoting DataTrek’s Nick Colas:
…. “I think Nicholas Colas, co-founder of DataTrek Research, really nailed it. From his note on Thursday (emphasis added):
After a very difficult year-to-date, U.S. equity markets desperately want to forecast an end to rate increases, start assuming rate cuts, and look through the valley to the next economic expansion. Hence today’s rally in stocks …After a series of rate decisions that caused very high levels of stock market volatility this year, Chair Powell and the FOMC are far enough along in the current tightening cycle that they feel they can provide some reassurance about the predictability of future monetary policy.The bottom line: stocks have one less thing to worry about, at least for now.…”
Full article here on Yahoo Finance.