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The Fed's benchmark lending rate is at a 16-year high, which has led to a contraction in manufacturing activity and three high-profile bank failures. The Nikkei 225 in Tokyo surged 1.8% to 33,018.65 and the Hang Seng in Hong Kong advanced 0.5% to 19,495.06. High-growth stocks, seen by investors as some of the biggest beneficiaries of lower rates, led the market Monday. Tech stocks alone accounted for more than half the S&P 500's gain, powered by gains of at least 1.5% for both Microsoft and Apple.
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