Hedge funds pile into U.S. stock rally at fastest pace in 2 years: Goldman Sachs

Hopes rise that the U.S. central bank rate pause might stick

Hedge funds last week “aggressively” bought U.S. stocks at the fastest pace in two years, said a Goldman Sachs note, with traders jumping into a stock rally fueled by hopes that the U.S. central bank rate pause might stick.

This left some caught in a squeeze, the bank said in a note on November 2, when short positions became too expensive to hold as stock prices rose. All three major U.S. stock market indexes soared into Friday after a multi-session rally - five consecutive days for the S&P 500 and six for the Nasdaq - to nab their biggest one-week percentage gains of 2023, so far.

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