Wall Street indexes jump as rate cut bets increase but suffer losses for week

Traders now see a roughly 70% chance that the Fed will cut its main lending rate by 25 basis points in December, up from a near 37% chance seen earlier in the day, according to the CME FedWatch Tool. "The big tailwind today is that shift in rate cut odds for the December Fed meeting," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. According to preliminary data, the S&P 500 gained 64.89 points, or 0.99%, to end at 6,603.65 points, while the Nasdaq Composite gained 192.83 points, ...