Wall Street reopened with a rare opening gap of over 1%, and even 1.6% for the Nasdaq (between 13,800 and 14,015). The S&P500 recorded its best closing score since September 14, and the Nasdaq since the end of August.

Gains continued to grow throughout the morning, before the indices stabilized in high water until the close. In the end, the S&P500 gained +1.91%, the Dow Jones +1.43% and the Nasdaq Composite +2.37% (with Tesla at +6.1%, Lucid at +5%).

The Russell-2000's historic explosion of more than +5.4% in a single session testifies to a veritable wave of panic buying that propelled the index from 1.705 to 1,797: almost +100 points, a score the 'Russell' has only achieved after a full month's rise, in January and then again last June...

It was a complete bullish fireworks display on Wall Street, with 92% of stocks and 100% of sectors up, and the '10-year' T-Bond erasing -16 basis points to 4.445% in reaction to an October CPI that came in below consensus.

The easing of interest rates led to a surge in financial and property stocks, with Pulte Group up 7%, Zions and MCD up 8.3%, Keycorp up 9.10%, Beazer Homes up 9.6% and Alexandria Property up 11% (the property sector was down 33% over the past 12 months before Tuesday's rebound).

The SOX semiconductor index also scored strongly, jumping +3.6% (with Marvell Techno +6.7%, Microchip +6.1%, NXP +5.4%, Illumina +5.1%....) and has gained +46% since January 1st (i.e. 1.5% more than the Nasdaq-100), once again extending its - already enormous - lead over other sectors.

Thanks to this surge in 'semis', the Nasdaq is back above 14,000 (+2.3% to 14,095) for the first time since the end of August (i.e. +11% in a straight line since October 26th).

The publication of the latest inflation figures in the United States completely dispelled fears of a tightening of US monetary policy in December, but also by May 2024.

The CPI rose by 3.2% in October compared with the same month of 2022, compared with +3.7% in September. Excluding energy and food products, the annual inflation rate stood at 4% last month, also slightly below consensus.

The Dollar Index fell -1.4% to 104.10, a "low" since September 12 (the euro soared +1.7% to 1.0885, its biggest rise of the year in less than four hours, erasing all losses since August 30).

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