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February 2, 2023

Stocks surge as Fed sees progress on inflation

By STAN CHOE and DAMIAN J. TROISE
AP Business Writers

NEW YORK — Wall Street climbed Wednesday to its best level since the summer following the latest hike to interest rates by the Federal Reserve, which said it's finally seeing improvements in inflation.

The S&P 500 rallied back from an early 1% loss to rise 1% after Fed Chair Jerome Powell said the economy is on the path toward getting inflation lower. The Dow Jones Industrial Average erased a drop of 500 points to rise 6, while the Nasdaq composite jumped 2%.


 
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