Stock Market Today: Wall Street Soars as Cooling Inflation Raises Hopes for an End to Rate Hikes

The sun shines through the U.S. flags flying in front of the New York Stock Exchange at the corner of Wall and Broad Streets in New York on Nov. 14, 2023. J. David Ake/AP Photo

NEW YORK—Relief washed over Wall Street Tuesday, and stocks leaped to one of their best days of the year following a surprisingly encouraging report on inflation.

The S&P 500 jumped 1.9 percent for its best day since April and hit a two-month high. The Dow Jones Industrial Average rallied 489 points, or 1.4 percent, while the Nasdaq composite charged 2.4 percent higher.