US equities soar on interest rate hopes, major indices rally more than 1%

The US stocks gained in last session as remarks from Federal Reserve Governor Christopher Waller pointing to easing price pressures prompted investors to pare back expectations of an interest rate increase. Firm economic cues also benefitted the market mood. The Dow Jones Industrial Average jumped 624.16 points, or 1.18 percent, to 53,686.11. The S&P 500 index added 81.11 points, or 1.06 percent, to 7,747.71. The Nasdaq Composite Index also raced higher by 366.23 points, or 1.4 percent, to 26,584.06. Eight of the 11 primary S&P 500 sectors ended in positive territory. Waller stated he observed promising signs of disinflation across the US economy, indicating he could support maintaining benchmark interest rates at current levels at the Fed's next session. Meanwhile, the US Composite PMI Output Index clocked in at 56 in August, up from July's 54.5 and marking the highest reading in 52 months, S&P Global said in its final report on Thursday. Meanwhile, the country's Services PMI Business Activity Index came in at 56.5 in the reported month, up by 1.9 points from July and reaching a 20-month high. The US Treasury yields fell on Thursday, extending losses from multi-year highs and breaking well under 4.80% mark.

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