US stocks rise as Fed comments fuel hopes rate hikes are done

• US stocks closed higher Tuesday following optimistic comments from Fed officials.
• Fed Governor Christopher Waller expressed optimism that the central bank is on track to quell inflation.

US stocks traded higher Tuesday following upbeat comments from Federal Reserve officials that boosted hopes the central bank had reached the end of its rate hike cycle.

Markets digested comments from a slew of Fed speakers throughout the day, with indexes rising to close with a gain as the session neared the close.

In prepared remarks given in Washington DC, Fed Governor Christopher Waller said consumer prices look on track to fall to the central bank's target, which signals that interest rate cuts could be coming sooner than later.

"While I am encouraged by the early signs of moderating economic activity in the fourth quarter based on the data in hand, inflation is still too high, and it is too early to say whether the slowing we are seeing will be sustained," Waller said. "But I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent."

Meanwhile, US consumer confidence data out Tuesday showed that sentiment improved marginally in November compared to the prior month. Most respondents still see a recession on the horizon, but the Conference Board's Index nonetheless climbed to 102, above October's revised 99.1 reading.

Here's where US indexes stood as the market closed at 4:00.m. on Tuesday:

• S&P 500: 4,554.89, up 0.1%

• Dow Jones Industrial Average: 35,416.98, up 0.24% (+83.51 points)

• Nasdaq Composite: 14,281.76, up 0.29%

Here's what else is going on:

• Why China's weak economy is good news for the US stock market.
• The S&P 500 will jump 12% to new records next year, according to BMO.
• A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock.
• An investment research firm said the stock market could plunge 27% as a recession sets in.
• Israel's war with Hamas will cost $53 billion, the Israeli central bank said.
• The US dollar has tumbled in November while the euro has strengthened.
• Deutsche Bank predicts the S&P 500 to reach a record 5,100 in 2024.
• Russia's fraught rupee oil trade marks a warning for countries looking to abandon the dollar.
• Wells Fargo said stocks are likely going to be weighed down by high interest rates next year.

In commodities, bonds, and crypto:

• Oil prices climbed, with West Texas Intermediate up 2.08% to $76.42 a barrel. Brent crude, the international benchmark, moved higher 2.14% to $81.70 a barrel.
• Gold edged higher 1.44% to $2,041.10 per ounce.
• The 10-year yield moved lower four basis points to at 4.344%.
• Bitcoin climbed 3.31% to $38,102.