Stock market today: Live updates - CNBC

Traders work on the floor of the New York Stock Exchange.

Lucas Jackson | Reuters

The Dow Jones Industrial Average rose Thursday, as traders weighed new inflation data that increased hopes the Federal Reserve could begin cutting rates next year. Wall Street is poised to wrap up November with the strongest monthly gains in over a year.

The 30-stock Dow gained 271 points, or 0.8%. The S&P 500 gained 0.1%, while the Nasdaq Composite shed 0.2%.

The Dow was flirting with a new 2023 closing high, trading right around its previous high close set in August. It was just inches away from an intraday high for the year as well. The S&P 500 and Nasdaq Composite were trading about 1% away from their respective 2023 highs.

Leading the Dow higher on Thursday is cloud software company Salesforce, which popped more than 7.5% on the back of better-than-expected earnings and revenue for the fiscal third quarter. Salesforce's cloud data business, which saw its revenue increase by 22% from the previous year, and its artificial intelligence product Einstein GPT were behind the positive report.

Data released early Thursday showed that the personal consumption expenditures price index—the Federal Reserve's favorite inflation gauge—rose in line with expectations in October, gaining 0.2% for the month and 3.5% on a year-over-year basis. The numbers could provide an incentive for the Fed to hold rates steady, before lowering them in 2024.

Despite interest rates lingering at higher levels, strategist Jay Woods isn't afraid that stocks will give up their gains before the year's end.

"The cycle, to me, is complete. We've made back what we lost, and now we're starting to build on where we were going at the end of 2021 when the market was hot," the chief global strategist at Freedom Capital Markets told CNBC. "The price action is positive. The economic data supporting the Fed to continue to keep rates at bay and possibly decrease is a huge tailwind."

The major averages remain on track to close November with sizeable gains, which would end a three-month losing streak for the indexes. The S&P 500 is up 8.6% in November, while the Nasdaq has advanced 11%. Both averages are tracking for their best monthly performance since July 2022. The Dow is up 7.8% in November, on pace for its best month since October 2022.

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