'In the near term': Four words have Wall Street rebounding more than 1%

 Wall Street on Friday bounced back strongly from its stunning reversal in the previous session, largely led by a rebound in December interest rate cut odds thanks to some dovish comments from New York Fed President John Williams.

All three major averages jumped above 1% each. The benchmark S&P 500 index (SP500) was last +1.3%, the tech-heavy Nasdaq Composite (COMP:IND) was +1.2%, and the blue-chip Dow (DJI) was +1.5%. The Nasdaq on Thursday had initially gained more than 2%, only to end the day sliding more than 2%.  

Four words did the trick on Friday.

"I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions. Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals," Williams said in prepared remarks on Friday at a Central Bank of Chile conference.

December rate cut odds surged to 71.5%, according to the CME FedWatch tool, from 39.1% a day ago. 

Here are some exchange-traded funds that track the three major averages: (DIA), (DDM), (UDOW), (DOG), (DXD), (SDOW), (SPY), (VOO), (IVV), (RSP), (SSO), (UPRO), (SH), (SDS), (SPXU), (QQQ), (QLD), (TQQQ), (QID), and (SQQQ).

https://www.msn.com/en-us/money/markets/in-the-near-term-four-words-have-wall-street-rebounding-more-than-1/ar-AA1QUfp9