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US equities ended last week broadly higher, thanks to growing optimism about a debt-ceiling deal and a string of strong earnings reports from microchip makers that delivered a fifth straight weekly gain for the Nasdaq Composite, leaving it at a nine-month high. The positive mood persisted despite hotter-than-expected PCE inflation data, reinforcing bets the Federal Reserve will maintain its hawkish stance and keep interest rates elevated for an extended period. For the week, the Dow lost 1% while the S&P went up by 0.3%. Meantime, European shares staged a recovery at the end of a volatile week, bouncing back from multi-week lows on Friday. The Euro Stoxx 50 index surged by 1.6% on the day but was still down 1.1% for the whole week.
Summary for 29.05.2023
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