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Market Update: Wall Street Gains Traction
All three main US stock indexes regain ground on Monday, with the blue-chip Dow jumping more than 500 points as recently beaten-down economically sensitive stocks rebounded from a Fed-induced rout last week. Investors have been digesting a sharp shift in the Feds approach to managing the US economic recovery. The central bank signalled last week that it may raise interest rates twice by late 2023, while chair Jerome Powell said there had also been initial discussions about a bond-buying tapering. Also, St. Louis Fed President James Bullard mentioned that the first-rate increase could come as soon as next year. Focus now turns to Powell’s testimony before the House on Tuesday, with markets looking for any clues on a possible timeline for tapering. [/s2If]
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