Stocks worldwide rally as gold prices dip

Stocks worldwide rally as gold prices dip

Gold prices way below last week’s all-time high as stocks worldwide surgeALBAWABA – A Wall Street rally over the weekend drove stocks worldwide ahead of the upcoming holidays as gold prices dipped way below the highs they reached last week.Up 0.2 percent over five days, the S&P 500 rose for the sixth straight week, marking its longest advance since 2019 as it touched its highest point on Friday, according to Bloomberg.The S&P 500 index was up 0.41 percent by 1131 Amman Time on Sunday, with the NASDAQ and Dow Jones both up 0.45 percent and 0.36 percent, respectively.Bets the Federal Reserve (Fed) will cut interest rates sooner than expected have fueled a raly in United States (US) equities, according to Reuters. A rapid decline in Treasury yields, after the rise on Friday, also helped boost the rally.Friday's stronger-than-expected jobs and consumer sentiment data, combined with a rise in yields, bolstered bets that the Fed “could lean more hawkish” next week, Quincy Krosby, chief global strategist for LPL Financial, told Reuters.However, the federal funds futures market on Friday priced in a 46 percent chance the fed will cut rates at their March meeting, and a nearly 80 percent chance in May,