The Globe and Mail reports in its Saturday, Nov. 22, edition that U.S. stocks closed sharply higher on Friday as rising expectations of a December interest-rate cut by the Federal Reserve offset concerns over lofty tech valuations. A Reuters dispatch to The Globe reports that the broad rally started gathering momentum by late morning, pushing indexes to substantial gains on the day. The volatile session caps a tumultuous week in which U.S. and world stocks lost ground from last Friday's close. The Fed, lacking U.S. economic data, received new labour market information on Thursday, revealing an unexpected rise in the unemployment rate. Financial markets are pricing in an increased likelihood of a third and final rate cut this year from the Fed. CME's FedWatch tool sets the odds at 73.3 per cent, a significant bump from 39.1 per cent on Thursday. The U.S. is pushing for a Russia-Ukraine peace deal that could boost global oil supplies. U.S. Treasury yields dipped as Fed rate cut bets rose. The yield on benchmark U.S. 10-year notes fell 4.1 basis points to 4.063 per cent, from 4.104 per cent late on Thursday. The two-year note yield fell 5.1 basis points to 3.508 per cent, from 3.558 per cent late on Thursday.