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Wall Street edges up as US interest rate cut bets firm
The Dow and the S&P 500 have inched up in choppy trading as markets cemented bets on an imminent rate cut by the Federal Reserve and awaited Nvidia results later in the week, while energy stocks were boosted after crude oil prices jumped.
The blue-chip index led gains among peers and hit an intraday record high as markets welcomed US Federal Reserve chair Jerome Powell’s comments on Friday, when he said “the time has come” to lower borrowing costs in the light of diminishing upside risk to inflation and moderating labour demand.
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