U.S. stocks were trading below the session’s highs in the final hour of trade, but still were on pace to book their biggest month of gains of the year. The Dow Jones Industrial Average DJIA was about 80 points higher, or 0.2%, trading near 35,499. That’s off the session high of 35,579.13. The S&P 500 index SPX was up 0.1%, while the Nasdaq Composite Index was less than 0.1% higher, according to FactSet. The big catalyst for the November rally has been tumbling rates used to finance the economy. The 10-year Treasury yield BX:TMUBMUSD10Y was down 7 basis points to 4.27% on Wednesday, after briefly eclipsing 5% in October. A significant driver of the yield pullback has been hopes that the Federal Reserve already may be done hiking interest rates in this cycle, and that cut rates next year look likely.
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