Wall Street turns around to trade higher, led by cyclical stocks

Cyclical stocks lead gains, financials jump; headline CPI for September rise more than expected; megacap growth stocks tumble on rapid rate-hike fears

Wall Street's main indexes reversed course to trade higher by early afternoon on Thursday as stocks affected by macroeconomic changes gained, brushing aside rate-hike jitters after a surprise rise in inflation.

The Dow outperformed, while the S&P 500 index and Nasdaq Composite picked up from session lows, with analysts reckoning that the indexes possibly have hit the bottom as stocks languish deep in the bear market territory.

"There are no sellers left," said Thomas Hayes, managing member at Great Hill Capital Llc in New York. "No question that we're at or near (the bottom)."

Markets were sharply lower earlier in the day after