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US stocks climb on rate hike outlook
U.S. stocks ended higher on Friday, supported by expectations of interest rate hikes by the Federal Reserve following data showing an acceleration in consumer prices in the United States last month, especially due to increased gasoline costs, which adds pressure on the central bank to tighten monetary policy. The S&P 500 rose by 0.85% to close at 7,656.54 points, the Nasdaq increased by 0.94% to 26,327.58 points, while the Dow Jones Industrial Average gained 0.96% to reach 52,566.22 points. Expectations of a rate hike now approach 90% according to futures contracts, as the market continues to monitor earnings results and the tensions related to bond markets and inflation.
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