Stocks on Wall Street rallied Tuesday due to a lower-than-expected CPI report in October, which solidified market expectations that the Fed will not raise interest rates. The CPI index remained unchanged on a month-over-month basis in October, but increased 3.2% on an annual basis, falling short of forecasts. Core inflation, excluding energy and food, also decreased more than anticipated to 4%. Traders have now eliminated bets on further rate hikes this year and are currently projecting four rate cuts next year. The S&P 500 Index, Dow Jones, and Nasdaq 100 all experienced significant gains. Small caps, as represented by the Russell 2000, saw the best performance in over a year. Analysts believe that this drop in CPI suggests an end to rate hikes by the Fed, and despite recession concerns, strong consumer spending, low unemployment, and robust corporate profits indicate a continued market rally. Fed officials have commented positively on the October CPI data.