Stocks Extend Gains as Traders Bet on End of Fed Rate Hikes
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Stocks extended gains, with the Dow, S&P 500, and Nasdaq rising for a sixth straight session. Gains came as traders bet the Federal Reserve is nearing the end of its rate hiking cycle.
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The 10-year Treasury yield ticked higher on Monday but remained below 5% after retreating last week. Lower yields boost rate-sensitive growth stocks.
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European stocks were mixed, with property shares falling while airlines and oil companies rose.
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U.S. dollar was flat versus other major currencies after pulling back last week on a dovish Fed tone.
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Bank of Japan governor said easy monetary policy will need to continue, weighing on the yen, while boosting the dollar/yen rate.