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US stocks open higher as investors expect Fed rate hikes to end soon

Major US stock market indexes rose with gains on Thursday as investors are pricing in that the Federal Reserve’s rate hikes would soon end.

The Dow Jones rose 293 points, or 0.92%, to 32,324 at 10.19 a.m. EDT. The S&P 500 added 46 points, or 1.2%, to 3,983.

The tech-heavy Nasdaq increased 211 points, or 1.8%, to 11,879.

The Fed on Wednesday raised its benchmark interest rate by another 25 basis points. The US central bank’s projections showed that it expects only one more rate hike this year since its terminal rate estimate was kept unchanged.

The VIX volatility index, also known as the fear index, plummeted 7.5% to 20.59, while the 10-year US Treasury yield fell 0.65% to 3.477%.

The dollar index fell 0.07% to 102.29, while the euro added 0.3% to $1.0887 against the greenback.

Precious metals were in positive territory as gold rose 0.6% to $1,982 per ounce and silver gained 0.2% to $23.05.

Oil prices up around 0.2%, with global benchmark Brent crude steady at $76.80 per barrel and US benchmark West Texas Intermediate crude at $71.02.

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