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S&P 500, Nasdaq advance as soft inflation tempers Fed rate-hike bets
The Nasdaq jumped more than 1% on Wednesday, leading gains among Wall Street’s main indexes, as a softer-than-anticipated inflation reading buoyed hopes that the Federal Reserve might not hike rates as soon as next month. A Commerce Department report showed the Personal Consumption Expenditures (PCE) price index stood at 3.4% on an annual basis in August against estimates of 3.7%, per economists polled by Reuters. Separately, second-quarter GDP data showed that the US economy grew at a solid clip. “The PCE report today was under a microscope as participants try to get a handle on how aggressiv...
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