After four days of gains, a global equity gauge held strong on wagers that the Federal Reserve will drop interest rates quicker than expected.

MSCI All Country World Index was little changed after lowering its November decline to 0.4%. Over a week ago, the gauge was down roughly 4% for the month. European and Asian benchmarks moved modestly with US markets closed for Thanksgiving. Stable S&P 500 futures.

Bitcoin surged above $91,000 for the first time in a week, indicating risk appetite is returning. The dollar halted its two-day decline.

Stocks rose as money markets priced in an 80% possibility of a quarter-point decrease next month and three more by 2026. Over a week ago, traders predicted three cuts. It also suggests optimism after tech valuation concerns sank markets earlier this month.

“We’re building up for a classic year-end rally,” said EFG Asset Management Switzerland CEO Daniel Murray. Our key scenario is that the economic situation holds up well into 2026, corporate earnings look good, and rate decreases deliver a tailwind.