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The S&P 500 is up almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023.
Financials (.SPSY) led gains among the 11 major S&P 500 sectors, while the KBW regional banking index (.KRX) was firmly in the green.
Recent economic data and dovish remarks from Fed officials have raised the odds of the Fed holding interest rates at its June 13-14 meeting.
Persons:
Piper Sandler, Jack Ablin, Brendan McDermid, Russell, Coinbase, Sruthi Shankar, Shristi, Vinay Dwivedi, Deepa Babington
Organizations:
U.S, SEC, Dow Jones, Nasdaq, New York Stock Exchange, REUTERS, U.S . Securities, Exchange Commission, Devices, Thomson
Locations:
megacap, U.S, New York City, Bengaluru