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The S&P 500 closed at record high for the second session in a row after Federal Reserve officials maintained projections to cut interest rates by 0.75 percentage points this year.
Equities surged after Fed chair Jay Powell’s speech, with the benchmark index finishing 0.9 per cent higher. All sectors but healthcare and utilities — typically regarded as defensive plays — gained, while financials and consumer cyclicals were the best performers. Seventy-four per cent of stocks rose on the day.
The Nasdaq Composite rose 1.3 per cent for its first record high close since March 1. All Magnificent Seven stocks advanced.
A rally in short-dated Treasuries accelerated late in the session, with yield on the rate-sensitive two-year note falling 0.07 percentage points to 4.62 per cent. The yield on the 10-year note was down 0.02 percentage points at 4.28 per cent.
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