Stocks Surge as Investors Bet on End of Rate Hikes, Apple Earnings Awaited
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The Dow rose 565 points, or 1.7%, and the S&P 500 was 1.9% higher as investors bet the Fed is done with rate hikes.
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Treasury yields have come down precipitously, with the 10-year dropping to 4.66% from over 5% last month.
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New data showed prices are coming down and jobless claims increased, signs of easing in the strong labor market.
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Investors are eagerly awaiting Apple's earnings report after the bell today, with shares up 2.1% ahead of the release.
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While all S&P sectors were higher, Meta shares dropped 0.3% after announcing European users will be charged for ad-free Instagram and Facebook.