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Major averages close at record highs on dovish Fed hopes

Updated : July 04, 2019 06:27 AM IST

Benchmark US 10-year Treasury Note yields touched its lowest since November 2016 at 1.939 percent, while euro zone yields tumbled to record lows on bets the European Central Bank's next chief would stay a dovish course.
The Dow Jones Industrial Average rose 179.32 points, or 0.67 percent, to 26,966, the S&P 500 gained 22.79 points, or 0.77 percent, to 2,995.8 and the Nasdaq Composite added 61.14 points, or 0.75 percent, to 8,170.23.
Traders currently see a 29.7 percent chance the Federal Reserve would cut borrowing costs by half a percentage point at its July 30-31 policy meeting, up from the 25 percent perceived chance on Tuesday and 24 percent a week ago.
Major averages close at record highs on dovish Fed hopes

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