REFILE-US STOCKS-Tech dominates Wall Street rally in wake of dovish Fed statement [Reuters]
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Source: Reuters
Tech dominates Wall Street rally in wake of dovish Fed statement | Reuters 4 Min Read NEW YORK (Reuters) - Technology stocks surged on Thursday, leading Wall Street higher as jitters over the Federal Reserve’s warning of an economic slowdown were allayed by upbeat economic data. All three major U.S. stock indexes were in the black, with the Nasdaq set to post its fifth straight advance and the benchmark S&P 500 less than 3 percent below its all-time high set in September. On Wednesday, the Fed surprised investors with a policy statement that was more dovish than expected, as it forecast no further interest rate hikes this year due to signs of softness in the U.S. economy. But worries about the central bank’s signals on the economy were calmed by upbeat data on Thursday. In separate reports, initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. “The market is concerned about economic growth, but the Fed stepping to the sideline
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