Wall Street extends rally as rate-cut bets strengthen

Wall Street's main indexes kicked off the last week of the year on a positive note on Tuesday as growing bets of early rate cuts by the Federal Reserve lifted investor sentiment after Christmas holidays. Signs of cooling inflation have bolstered expectations of a dovish policy pivot by the Fed next year, pushing the benchmark S&P 500 index close to its record closing high touched in January 2022. A close above that level will confirm the benchmark index has been on a bull run since bottoming out in October 2022. US stocks ended higher on Friday after the Commerce Department's Personal Consumption Expenditures (PCE) report showed…