Markets buoyed by belief that rate hikes are over

Conviction that central bank rate hikes are over spurred a massive increase in risk appetite last week, fuelling the strongest stock market rally since 2020.

The Dow Jones Industrial index

surged past the key 30,000-point level,

while more significantly, the broad-based S&P 500 index rose to its highest levels since March 2022 and appears on target for new all-time highs at 5,000 points within months.