Stocks rallied on Thursday as investors expressed optimism that the Federal Reserve is nearing the conclusion of its rate-hiking campaign. The tech-heavy Nasdaq and the S&P 500 closed approximately 1.8% and 1.9% higher, respectively, while the Dow Jones Industrial Average gained over 550 points, representing a 1.7% increase.

The market's positive sentiment was fueled by the Federal Reserve's decision to maintain interest rates at their highest range in 22 years. The general consensus among investors is that the central bank will continue to keep rates unchanged in December. The CME FedWatch Tool indicates that traders are now pricing in an 85% chance that there will be no further Fed rate hikes this year, a significant increase from the 59% probability before the policymakers' meeting.

With the focus now shifting to earnings season, investors are eagerly awaiting Apple's quarterly report, which is set to be released after market hours. The results of the report will provide insights into the state of the iPhone market in China and global consumer spending, following a mixed bag of reports from other US tech giants.

In other news, Starbucks' stock surged nearly 10% after the company beat revenue and earnings estimates. Additionally, Shopify announced its return to profitability in the third quarter, driven by the adoption of artificial intelligence, resulting in a more than 20% increase in its shares.

Meanwhile, the pharmaceutical industry experienced a boost in earnings propelled by the success of prescription weight-loss drugs. Novo Nordisk and Eli Lilly reported strong sales of their Type 2 diabetes and weight loss drugs, demonstrating a surge in demand for products that offer greater total body weight loss compared to previous options. Novo Nordisk's weight loss drug Wegovy saw sales skyrocket by 200% to $1.37 billion in the third quarter. Eli Lilly's Mounjaro, currently approved for diabetes, generated $1.41 billion in revenue while awaiting FDA approval as a standalone weight-loss drug by the end of the year.

On a different note, streaming platform Roku experienced a significant boost, with its shares surging more than 25% after the company provided strong guidance for the fourth quarter. Roku expects adjusted EBITDA of $10 million, revenue of approximately $955 million, and a total gross profit of about $405 million. The company reported third-quarter net revenue of $912 million, a 20% increase from the previous year, driven by growth in content distribution and a rebound in video advertising despite a challenging macro environment for traditional linear TV ads.

Overall, the stock market experienced a robust rally amid increasing confidence that the Federal Reserve's interest rate hikes may be coming to a close. As investors eagerly await earnings reports and monitor the performance of key companies, market optimism remains high.

Disclaimer: The information provided does not constitute financial advice. The article is for informational purposes only and should not be considered as a recommendation to engage in any trading or investment activities.