NOVEMBER RALLY RESUMES Stocks rose Tuesday as comments from a Federal Reserve official raised hopes the central bank may not need to raise interest rates further. U.S. Treasury yields dipped on Tuesday, with the yield on the 10-year note last down nearly 6 basis points at 4.33%. The Dow Jones Industrial Average added 83.51 points, or 0.24%, to close at 35,416.98. The S&P 500 inched higher by 0.10% to 4,554.89, and the tech-heavy Nasdaq Composite gained 0.29% to end the session at 14,281.76. Source: CNBC.
RIP MUNGER Billionaire Charlie Munger, the investing sage who made a fortune even before he became Warren Buffett’s right-hand man at Berkshire Hathaway, has died at age 99. Munger’s family said he died peacefully Tuesday morning at a California hospital, according to a press release from Berkshire Hathaway. Buffett credited Munger with broadening his investment strategy from favoring troubled companies at low prices in hopes of getting a profit to focusing on higher-quality but underpriced companies. Source: CNBC.
DOLLAR FALLS WITH TREASURY YIELDS AS FED BETS GROW The dollar is near a four-month low and Treasuries extended a November rally, as expectations grew that the Federal Reserve is done with policy tightening and may start cutting interest rates next year. The US currency fell for a fifth day as it weakened against all its Group-of-10 peers and most emerging-market counterparts in Asia. The New Zealand dollar rallied after the country’s central bank signaled an increased risk for it to hike again next year. Source: Bloomberg
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