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Wall Street gains on September interest rate cut hopes
Wall Street’s main indexes have risen, lifted by the Federal Reserve’s signals of a September rate cut and a rosy sales forecast from Meta although a pull-back in chip stocks could keep gains in check.
Meta Platforms surged 7.9 per cent after its second-quarter revenue beat and upbeat third-quarter sales forecast pointed to the possibility that its artificial intelligence costs would be covered, boosting the Communication Services sector by 2.0 per cent.
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