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As traders looked ahead to the highly anticipated Federal Reserve meeting and new inflation data, US equities saw a strong session overnight. Stocks jumped back from last week’s steep losses, with a strong rally in the final hour of trade. The Dow Jones added more than 500 pints or 1.5%, the S&P500 up 1.4%, and the Nasdaq up 1.26%. The Fed will begin its two-day meeting tonight and it is widely expected that the Fed will raise rates by half a percentage point when the meeting concludes on Wednesday in the US.
However, European markets retreated ahead of the Fed’s meeting. The Stoxx 600 closed lower, with mining stocks falling the most, while only oil and gas stocks made gains. Germany’s DAX, France’s CAC and the FTSE 100 all closed in the red. Also, on Thursday we’ll receive monetary policy decisions from the Bank of England, the European Central Bank and the Swiss National Bank.
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