* US Senate control still unclear as GOP edges toward retaking House
* Russia retreats from key city in southern Ukraine
* Softer US inflation report for October eases Covid measures as new cases surge
* US mortgage rates rebound above 7%
* Another warning for US housing from the largest home builder
* UK economy fell 0.2% in Q3, hinting at start of recession
* US jobless claims edge higher but remain near lowest in decades
* US consumer inflation slows more than forecast in October:

US stocks surge 5.5% after news of softer-than-expected consumer inflation in October. “We believe that the stock and bond markets have found a bottom and we can rally off the lows,” says Jay Hatfield, portfolio manager at Infrastructure Capital Advisors.

The benchmark 10-year Treasury yield fell sharply on Thursday, following a bigger-than-expected consumer inflation report for October. The 10-year yield dropped to 3.82%, the lowest level since Oct. 5. The softer inflation report “confirms the Fed’s own view they need more measured rate hikes now but this doesn’t stop them,” says Diane Swonk, chief economist at KPMG.