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U.S. Stocks Rally on Middle East Ceasefire, Powell Signals Patience on Rate Cuts
U.S. Stocks Rally on Middle East Ceasefire, Powell Signals Patience on Rate Cuts
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BTCCSquare news:
Major U.S. stock indices surged as geopolitical tensions eased following a ceasefire announcement between Israel and Iran. The Dow Jones Industrial Average climbed 470 points (1.1%), while the S&P 500 and Nasdaq Composite gained 1.05% and 1.43% respectively. Risk appetite returned as crude oil prices retreated 5.33% to $64/barrel, alleviating inflationary pressures.
Federal Reserve Chair Jerome Powell indicated the central bank could maintain higher interest rates for longer, citing improved macroeconomic stability. 'The Fed can afford to wait with rate cuts,' Powell stated, as cooling oil prices and contained Middle East conflict reduced near-term economic risks.
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