Wall Street rallies and adds to its strong gains in November

NEW YORK (AP) — Wall Street rose sharply Friday, keeping November on track to be one of its best months of the year, as companies continued to turn in better profits for the summer than expected.

The S&P 500 leaped 1.6% amid a widespread rally. The Dow Jones Industrial Average gained 391 points, or 1.2%, and the Nasdaq composite was 2% higher.

Stocks climbed as financial markets recovered from a slump the prior day, triggered in part by worries that the Federal Reserve may hike its main interest rate further to get inflation under control. Bets diminished among traders on Friday that the Fed will increase rates at its next meeting, even though a report in the morning indicated expectations for inflation among U.S. households is on the rise.