LIVE MARKETS-US stocks rally to salvage down week
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US STOCKS RALLY TO SALVAGE DOWN WEEK
U.S. stocks rallied to close out the trading week, buoyed by rising expectations the Federal Reserve could cut rates at its meeting next month, but it was not enough to lift equities into positive territory for the week.
New York Fed President John Williams said interest rates can fall "in the near term," which boosted market views for a rate cut at the Fed's Dec. 9-10 meeting, even as other policymakers insisted borrowing costs should remain steady for now to ensure inflation declines in coming months.
Markets are now pricing in a nearly 72% chance of a rate cut from the central bank at its December meeting, per CME's FedWatch Tool, up from 39.1% in the prior session.
The expectations of a lower rate path sent Treasury yields lower and sparked a rally in small-cap stocks, with the Russell 2000 .RUT rallying 2.8%, its biggest daily percentage jump since Aug. 22.
Still, stocks were down for the week with the S&P 500 .SPX off 1.95%, the Nasdaq .IXIC down 2.74%, and the Dow .DJI retreating 1.91%. The Russell declined 0.78%, its fourth straight weekly decline and longest streak of weekly losses since March.
Below is your closing market snapshot:
(Chuck Mikolajczak)
EARLIER ON LIVE MARKETS:
BARTELS SEES S&P 500 ENDING NEXT YEAR AT 7,500 WITH TECH LEADING CLICK HERE
INDIVIDUAL INVESTORS FRET OVER MARKET CONCENTRATION IN BIG TECH - AAII - CLICK HERE
FRIDAY DATA: BUSINESS ACTIVITY EXPANDS, CONSUMER SENTIMENT WALLOWS BELOW COVID-ERA LEVELS CLICK HERE
US STOCKS TRY TO STABILIZE IN EARLY TRADE CLICK HERE
STOCK TRADERS EYE BITCOIN, MORE S&P 500 TECHNICAL DAMAGE CLICK HERE
TALKING ABOUT A POSSIBLE TRUSS MOMENT IN JAPAN CLICK HERE
AND NOW WE'RE TURNING LOWER CLICK HERE
BUNDS MIGHT NOT GET MUCH HELP IF AI STOCKS FALL FURTHER CLICK HERE
EUROPE BEFORE THE BELL, WE WEREN'T AWAY FOR LONG, WHAT HAPPENED? CLICK HERE
MORNING BID: THREE-ALARM FIRE AS TECH SELLOFF RESUMES, TAKAICHI STIMULUS LANDS CLICK HERE
Closing levels Nov 21 
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