The S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months, as investors cheered economic data that fueled bets that the U.S. Federal Reserve is nearing the end of its aggressive interest-rate hike campaign. | Reuters
The Fed left rates unchanged at the 5-5.25 percent range on Wednesday and indicated it may hike by at least half a percentage point this year as inflation remains persistent.
Thursday’s gains were broad and included sectors viewed as sensitive to swings in the health of the economy. “There is a great deal of money on the sidelines of people who’d been scared of recession, and as the worries go away people are returning to equities,” said David Russell, vice president of Market Intelligence at TradeStation.
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