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Market Update: The Dow Jones Index rose 1.91%
All three main stock indexes ended deep in the green on Monday, with the blue-chip Dow climbing almost 600 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. The Dow Jones added 587 points or 1.8% to 33,877, led by a rally in American Express Co. The S&P 500 rose 58 points or 0.1.4% to 4,225. The tech-heavy Nasdaq Composite went up 111 points or 0.8% to 14,142. [/s2If]
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