The S&P 500 surges above 3,000, stocks hit record highs after the Fed reaffirms a rate cut is coming

Stocks hit fresh intraday highs in early trading on Wednesday as remarks by the Federal Reserve Chairman Jay Powell bolstered Wall Street's expectations for lower interest rates at the end of the month. "Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty," Powell said in prepared congressional testimony.

Stocks hit fresh intraday highs in early trading on Wednesday as remarks by the Federal Reserve Chairman Jay Powell bolstered Wall Street's expectations for lower interest rates at the end of the month. "Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty," Powell said in prepared congressional testimony.

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