Wall Street rises, and S&P 500 hits highest level in more than a year

By Associated Press

Jun 14, 2023 12:18 am

The US stock market has been cruising on hopes the economy may avoid a recession, and the Federal Reserve (Fed) may soon take it easier on its hikes to interest rates. Traders are betting the Fed will hold rates steady at its next meeting, which concludes on Wednesday. That would be the first time it hasn't hiked rates at a meeting in more than a year.

Investors see high-growth stocks as some of the biggest beneficiaries of lower rates, and they led the market on Monday. Tech stocks alone accounted for more than half the S&P 500's gain, powered by gains of at least 1.5 percent for both Microsoft and Apple.

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