New Delhi, Nov. 24 -- Wall Street gained on Monday, driven by increased market optimism that the US Federal Reserve (Fed) may approve a cut to interest rates in December.

This sentiment was significantly bolstered after Federal Reserve Governor Christopher Waller told Fox Business that he is advocating for a rate reduction at the central bank's forthcoming meeting next month.

Waller indicated his expectation that inflation - which he believes has been augmented by US President Donald Trump's tariffs - will eventually recede. However, he expressed lingering concerns regarding the "still weak" state of the labor market.

He further commented that the concentration of recent hiring within the leisure and hospitality and health care sectors...