Stocks are going crazy today — soaring 3% in wild ride after inflation data plunge

S\u0026amp\u003BP 500 surged to highs of the day in a broad rally — wiping out a loss that hit 2% — on track to halt a six\u002Dday selloff. Read more

According to preliminary data, the S&P 500 gained 92.38 points, or 2.58 per cent, to end at 3,669.41 points, while the Nasdaq Composite gained 227.30 points, or 2.18 per cent, to 10,644.40. The Dow Jones Industrial Average rose 829.08 points, or 2.84 per cent, to 30,039.93.Article content

“There may be some short covering going on, but also, a lot was priced in,” said Michael Contopoulos, director of fixed income at Richard Bernstein Advisors. “There has likely been a fair amount of defensive positioning lately in equities and on the rates side, higher policy rates means higher probability of a hard landing.”

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