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Market Update: S&P 500, Nasdaq Notch Fresh Records
The S&P 500 and the Nasdaq Composite finished at record closing levels on Monday, as investors rotated out of economically sensitive cyclical stocks into technology names ahead of the Fed’s two-day June meeting. While a re-opening economy has unleashed pent-up demand, the supply side of the equation is striving to meet it, resulting in the price pressures seen in recent data. This macro backdrop, in turn, sparked fears that central banks may have to tweak policy soon to prevent economies from overheating. And while the Fed has reassured that any spike in inflation would be transitory, investors will watch for clues about the path of crisis-era stimulus. The blue-chip Dow underperformed its peers, losing nearly 100 points to 34,394, with JPMorgan Chase & Co tumbling almost 2%. [/s2If]
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