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US stocks gained ground Friday, posting strong weekly wins after Wall Street’s expectations for a jumbo interest rate cut by the Federal Reserve shot up suddenly.
The S&P 500 (^GSPC) rose 0.5% while the tech-heavy Nasdaq Composite (^IXIC) climbed 0.7%, registering a fifth day of gains for both gauges amid a comeback for tech stocks. The Dow Jones Industrial Average (^DJI) added 0.5% or about 300 points.
For the week, the Nasdaq gained more than 5%, posting its best week of the year. The S&P increased 4% and the Dow put on 2%. The gains of the major indexes come as Wall Street has been rattled by recent volatility but the rapid rebounds have come amid heightened debate around interest rate policy.
Stocks are rising as the market warms once again to the likelihood of a half-point rate cut by the Fed after virtually writing off the chances of a big pivot in light of recent inflation and jobs data. Traders are now pricing in a 49% chance of a 50 basis point move next week, compared with 15% at one point on Thursday.
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