Stock Market Surges Ahead of Fed Rate Decision and Earnings

The Dow Jones Industrial Average surged over 500 points as Wall Street had its best day since June, driven by strong earnings reports and anticipation of the Federal Reserve's upcoming rate decision. Interest rate sensitive megacap stocks led the market rebound. So far, 78% of S&P 500 companies have beaten Wall Street estimates for third-quarter earnings. Analysts now expect annual third-quarter S&P 500 earnings growth of 4.3%. Investors are also closely watching the Fed's two-day monetary policy meeting and the upcoming earnings reports from companies like Caterpillar, Apple, Pfizer, and Starbucks.