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A report showing an unexpectedly large drop in the inflation rate sparked a broad rally Tuesday and raised hopes the Federal Reserve will leave its benchmark interest rate unchanged at the conclusion of its June meeting later today. With Tuesday’s gains, the S&P 500 Index and Nasdaq Composite are at 14-month highs, while the Dow Jones Industrial Average is at a five-month high. Yesterday’s rally was more broad-based, which could signal an attempt by the market to extend what started to look like a breakout last week for the ‘unloved’ parts of the market this year, such as small-caps and cyclical. Elsewhere, European equities held onto early gains yesterday, with the Euro Stoxx 50 rising by 0.7%, helped by a rise in tech shares.
Summary for 14.06.2023
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