"S&P 500 Surges on Fed's Rate Hike Pause and Strong Q3 Results"

The S&P 500 had its best day in six months as stocks extended gains for a fourth day and bond yields slumped. Traders were optimistic that the Federal Reserve may not raise interest rates further. The rally in equities was fueled by the Fed's decision to keep rates on hold and hints that rising bond yields have helped combat inflation. The 10-year Treasury yield dropped to its lowest level in nearly three weeks. Positive labor-market data and earnings reports from companies like Starbucks and PayPal also contributed to the market's upward momentum.