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June 22, 2022
NEW YORK — Stocks finished broadly higher on Wall Street Tuesday, clawing back some of the ground they lost in their worst weekly drop since the beginning of the pandemic.
The rally to start the holiday-shortened week came as investors look ahead to what Federal Reserve Chair Jerome Powell will tell Congress on Wednesday, the first of two days of testimony as part of the central bank's semi-annual monetary policy report. Last week, the Fed hiked its key short-term interest rate by the most since 1994, the central bank's latest effort to tame the worst inflation in 40 years.
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