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Worries about inflation stoked other areas of the market. Gold rose 1% and is close to its highest price since June. Bitcoin, which some proponents see as offering similar protection from inflation as gold, likewise climbed. It touched a record of nearly $68,991, according to CoinDesk.Pushed by the inflation report, investors are now pricing in a 66.5% chance that the Fed will raise rates by the end of June. A day earlier, that probability was at 50.9%.
“It’s a fight between growth and value, and neither one is really getting the upper hand lately,” said Tom Martin, senior portfolio manager with Globalt Investments. “You’re going to have a decent market until year end and at some point, you’ll see folks really starting to try to position themselves for what they think 2022 could look like.”
But nearly2 in 5 stocks within the index nevertheless rose, with gains for healthcare stocks and others helping to limit losses for the market. Pfizer rose 3.6%.
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