6/24, 10:00 PM (Source: TeleTrader)
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US markets rally at close, Dow jumps over 800 pts

Major stock indexes in the United States jumped at the close on Friday, with concerns over further aggressive rate hikes by the Federal Reserve possibly subsiding after the University of Michigan revealed in its final consumer confidence report for June that five-year inflation expectations were revised down from 3.3% to 3.1%.

The investors are seemingly anticipating that the notice might lead the Fed to reconsider the currently favored position of hiking key interest rates by three-quarters of a percentage point at the July meeting and go down a less drastic route.

The Dow Jones skyrocketed 2.68% or 823 points at the closing bell, with Salesforce up 7.44%. At the same time, S&P 500 soared 3.06%, as Royal Caribbean led the gains, shooting up 15.77%. The Nasdaq 100 jumped 3.49% or 408 points at the close, with Okta surging 8.42%. The euro gained 0.29% against the dollar at 3:59 pm ET, selling for 1.05563.

Baha Breaking News (BBN) / AY