The S&P 500 was 0.1 per cent higher in afternoon trading, a day after setting an all-time high. The Dow Jones was up 0.3 per cent and the Nasdaq composite was 0.5 per cent lower. The Australian sharemarket is set to rise, with futures at 4.58am AEDT pointing to a gain of 26 points, or 0.3 per cent, at the open. The ASXThe bond market was also quiet, with Treasury yields edging higher, while stock markets abroad were mixed after making modest moves.
But the expectation is still for the Fed to begin cutting in June because the longer-term trend for inflation seems to remain downward. The Fed’s main interest rate is at its highest level since 2001, and reductions would release pressure on the economy and financial system. Stocks have already rallied in part on expectations for such cuts.The breathtaking run since late October, though, has also raised criticism that it was too strong and too quick.
Traffic increased at its stores, but it said customers bought less at each purchase than they did a year ago. The company also said it will close about 600 of its Family Dollar stores in the six months through early August.
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