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S&P 500 hits record high as US Federal Reserve signals rate cuts

The S&P 500 index, which has risen 7% so far in June and is on track to recoup its previous month's losses, hit an intraday record high of 2,956.20 on Thursday

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A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York. Photo: Reuters

Reuters
The S&P 500 index touched an all-time high on Thursday, after the Federal Reserve indicated that it could cut interest rates as early as July to combat growing risks to global and domestic growth.

The US central bank left rates unchanged at the end of its two-day June policy meeting on Wednesday, but pledged to "act as appropriate" to sustain economic health.

Wall Street's main indexes have gained in recent weeks on expectations of a rate cut and hopes of a revival of trade talks between the United States and China at the Group of 20 meeting next week in