US stocks end sharply higher on optimism the Federal Reserve could be nearing the end of its aggressive rate hiking cycle.
Gold hit a 13-month high about $30 shy of a record peak and the dollar weakened after the data reduced expectations that, a major market concern as monetary policy that is too tight can provoke a US recession.
. The Dow Jones Industrial Average rose 1.14%, the S&P 500 gained 1.33%, and the Nasdaq Composite added 1.99%. MSCI’s gauge of stocks across the globe gained 1.11%. In Europe, the pan STOXX 600 index closed up 0.40% and the euro rose to a 12-month high at $1.1068.
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