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S&P 500 Climbs to Fifth Straight Quarterly Gain Thanks to Fed

S&P 500 Climbs to Fifth Straight Quarterly Gain Thanks to Fed (Bloomberg)

Stocks rose today, in the process ensuring a fifth consecutive quarterly gain for the S&P 500. The U.S. Federal Reserve is partially behind the market’s success, as it continues to taper its monetary stimulus at the expected rate. “People thought the Fed was insinuating they were going to raise short-term interest rates sooner than anticipated,” Bruce Bittles, chief investment strategist at RW Baird & Co., said. “[Fed Chair Janet] Yellen’s comments probably lay that to rest.”

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