US Stock Market Today: S&P 500, Nasdaq Jump After Fed Official Calls For Rate Cut

Wall Street on Friday rebounded from the previous session's rout after a key Federal Reserve official suggested the central bank could cut interest rates again in December.

All three US equity benchmark indices jumped 0.5%. The Dow Jones Industrial Average added 248 points, and the S&P 500 index gained over 30 points. The tech-heavy Nasdaq Composite regained 22,200 level.

New York Federal Reserve President John Williams said the US central bank's monetary policy is "modestly restrictive, although somewhat less so than before our recent actions".

“Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals," he said, reported CNBC International.

Among major companies, shares of Google-parent Alphabet, drugmaker Moderna, HP and Pfizer jumped over 3%. Oracle fell over 5%, chipmaker Advanced Micro Systems fell over 2% and Microsoft shed 1.7%.

The US dollar strengthened against major currencies. The Bloomberg Dollar Index gained 0.1% to 100.22. The pound fell 0.1%, while yen lost 0.7%. The euro was unchanged.

The yield on the 10-year Treasury bond was down 2 basis points at 4.06%.

Spot gold prices plunged 0.3% to $4,064 an ounce.

International benchmark Brent oil dropped as much as 2% to $62 per barrel, but then marginally recovered after Ukraine and its European allies rejected key parts of a Russia-US plan to end the years-long war.