The Globe and Mail reports in its Thursday edition that U.S. and Canadian stocks surged to a sharply higher close on Wednesday and Treasury yields tumbled in both countries after the Federal Reserve signalled that its interest rate-hiking policy is at an end. A Reuters dispatch to The Globe says that the Dow rose more than 500 points and notched a record closing high, confirming the blue-chip industrial average has been in a bull market since Sept. 30, 2022. "The Fed delivered an early holiday present this year," said Greg Bassuk at AXS Investments in New York. "Investors are embracing change in Fed sentiment toward a more dovish stance. It really underscores the trade that investors have been making over the last few weeks; that rates are set to decline in the coming year." Canada's main stock index rose almost 2 per cent to a 10-month high in a broad-based rally. The U.S. two-year Treasury yield, which is particularly sensitive to Fed policy moves, dove 30 basis points and the U.S. 10-year yield fell to its lowest since August. The Canada government five-year bond yield slumped to its lowest level since May. The Dow's recovery from its September, 2022, low was led by Boeing, Salesforce and Intel.