Closing Bell: Qualcomm Drops to Four-Year Low; Stocks Rally

Stocks rallied Wednesday as uncertainty over when the Federal Reserve might make its initial move off of crises-level rates dissipated. The chances of a December rate hike have jumped since a blockbuster October jobs report. Most Fed members support a rate hike next month, according to the central bank's October meeting minutes. Officials said the conditions for a hike would be met in December. However, as always, members emphasized that any move continued to be contingent on data. Qualcomm (QCOM) sank to a four-year low after South Korea accused the company of breaking antitrust laws. The government's competition regulator proposed fining the tech giant for the way in which it licenses its technology.