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Wednesday, February 1, 2023

Cedears rose to almost 7% hand in hand with the good day on Wall Street

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Wall Street’s main indexes rose led by gains in rate-sensitive growth stocksas focus shifts to a key inflation reading due this week, which would provide further clues to the Fed’s rate hike trajectory.

For his part, US stocks finished with strong gains on Wednesday, led by a jump in the Nasdaq indexas investors were optimistic ahead of an inflation report that could give the Federal Reserve room to rein in its aggressive interest rate hikes.

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According to preliminary data, the S&P 500 index gained 50.06 points, or 1.28%, to close at 3,969.50; while the Nasdaq Composite Index added 189.07 points, or 1.76%, to 10,931.70 units. The Dow Jones Industrial Average rose 263.24 points, or 0.78%, to 33,967.34.

Money market participants see a 75% chance that the Fed will raise the benchmark rate by 25 basis points in February.

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The Cedears were also buoyed by rising financial dollars. The Dollar Cash on Liquid (CCL) rebounded $5.02 (+1.5%) to $332.78, after three falls in a row, with which the gap with the official wholesale exchange rate was at 86.5%, and it rose from the minimum levels marked the previous day that went back to last June.

Source: Ambito

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