Stocks continued November's impressive rally on Tuesday as recent Fedspeak signalled that the central bank may not need to further raise interest rates. The Dow Jones Industrial Average rose over 80 points, while the S&P 500 Index and Nasdaq Composite added about 0.1% and 0.3%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.10% or +4.46 points to 4,554.89

Dow Jones Industrial Average (DIA  ): +0.24% or +83.51 points to 35,416.98

Nasdaq Composite Index (QQQ  ): +0.29% or +40.73 points to 14,281.76

Federal Reserve Governor Christopher Waller said on Tuesday that he is growing more confident that the Fed's current policy could bring inflation down to the central bank's target of 2%.

"While I am encouraged by the early signs of moderating economic activity in the fourth quarter based on the data in hand, inflation is still too high, and it is too early to say whether the slowing we are seeing will be sustained," Waller said in prepared remarks for a speech in Washington, D.C.. "But I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent."

The Federal Open Market Committee's next and last policy meeting of the year is scheduled for Dec. 12-13, with more than 95% of investors expecting policymakers to hold rates at their current range of 5.25% to 5.50%, according to CME Group's FedWatch tool.

In economic news, consumer confidence rose in November, according to the Conference Board's index reading released Tuesday, increase to 102 for the month from October's downwardly revised print of 99.1. Beneath the headline, however, the expectations index came in at 77.8 -- reading below 80 are consistent with recession.

On the earnings front, Micron Technology (MU  ) shares dipped on Tuesday despite the chip maker lifting its fiscal first-quarter guidance. The company now expects revenue of $4.7 billion for the quarter, above its previous estimates for $4.4 billion, with forecasts boosted by "improved supply and demand balance," as well as pricing.

Looking ahead, market participants will react to CrowdStrike's (CRWD  ) earnings after the bell, as well as the release of the first revision of U.S. third-quarter GDP estimates and the Fed's Beige Book on Wednesday.