Mumbai, Nov. 24 -- The Dow surged 493.15 points (1.1%) to 46,245.41, the Nasdaq advanced 195.03 points (0.9%) to 22,273.08 and the S&P 500 jumped 64.23 points (1%) to 6,602.99.

Stocks managed a late-week bounce, even though the major indexes still took a beating overall. Fresh hope for a December rate cut-fueled by the FedWatch Tool's sharp jump in odds and some dovish hints from John Williams-helped investors shake off some gloom. Softer inflation expectations from the University of Michigan didn't hurt the mood either.

Still, the Fed's meeting minutes reminded everyone that policymakers aren't exactly marching in lockstep on more cuts. With the Nasdaq and S&P 500 recently sinking to two-month lows, Friday's uptick also had the vibe of...