The major averages rise for a second straight day on this abbreviated holiday week as hopes for a rate cut in December seem to be growing. The Dow Jones Industrial Average jumped 664 points or 1.4%. The S&P 500 rose 60 points or 0.9% while the Nasdaq Composite rose 153 points or 0.67%.

The markets got a boost midday as Bloomberg reported that White House National Economic Council Director Kevin Hassett is being considered as the frontrunner to become the next Fed chair. Hassett is seen by investors as someone more likely to push the central bank toward a lower-rate regime favored by President Donald Trump.

The benchmark 10-year Treasury yield moved lower on Tuesday on the Fed news and the latest economic data showing signs of a weaker labor market. The 10-year Treasury yield fell 3 basis points to 4.00%, while the 30-year bond yield dipped a basis point to 4.66%. The 2-year note yield fell 2 basis points to 3.46%.

Tech stocks were once again winners. Alphabet rose a percent to a new record high, after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on the Google parent’s AI chips. Meta was up even more, up 3%. Nvidia and AMD were two of the only tech stocks to trade lower. In the software space, Oracle was a down a percent.

In the commodity space, oil was lower by a percent. Gold was up a percent while crypto currencies retreated from recent gains.

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