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Stocks Rally in Relief as Fed Holds Steady

July 1, 2023
in Trade Tube
Reading Time: 1 min read
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Microsoft (MSFT) was the best performer on the Dow Jones Industrial Average Wednesday on positive critical and consumer reaction to its Windows 10 operating system release. Shares gained more than 2%. Stocks extended their gains by mid-afternoon in relief after the Federal Reserve kept rates unchanged in July. A surge in crude oil prices also helped to prop up markets, benefiting the energy sector in particular. Among the biggest gainers in the sector, Brazil’s Petrobras (PBR) and mid-cap Bermuda-based SeaDrill (SDRL) climbed more than 7%. Citrix (CTXS) topped the S&P 500 after reporting a pleasing quarter. The company also announced that Jesse Cohn of activist investor firm Elliott Management would join its board of directors.

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