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Powell acknowledges risks of overtightening
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ISM shows U.S. manufacturing weakness persists
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Pfizer dips as obesity drug trial dropped
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Tesla slips as Cybertruck priced above initial forecast
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Indexes up: Dow 0.72%, S&P 0.48%, Nasdaq 0.36%
(Updates to 14:14 EST)
By Stephen Culp
NEW YORK, Dec 1 (Reuters) –
U.S. stocks advanced on Friday, starting December with a broad rally as remarks from Federal Reserve Chairman Jerome Powell bolstered the view that interest rates have peaked.
All three major U.S. stock indexes were higher, with economically sensitive transports and smallcaps enjoying the most robust gains.
“People are bargain hunting. The stocks that haven’t participated in the rally this year are powering the market higher,” said Jay Hatfield, portfolio manager at InfraCap in New York. “This is clearly a broad-based rally, and it has legs.”
All three indexes are on course to notch their…
