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Wall Street stocks climb, dollar drops on rate-cut optimism

New York, Wall Street stocks edged higher and the dollar fell on expectations of a U.S. interest-rate cut on Friday, while oil futures were little changed as supply worries triggered by a tropical storm were offset by signs of a global surplus for several months.

In U.S. Treasuries the yield curve was slightly steeper, with yields largely unmoved by stronger-than-expected producer price data and market expectations of an interest rate cut in July held firm after two days of testimony from Federal Reserve Chair Jerome Powell.

Wall Street's benchmark, the S and P 500, and the Dow Jones Industrial Average rose modestly a day after hitting record highs.

The Dow Jones Industrial Average rose 188.01 points, or 0.69%, to 27,276.09, the S and P 500 gained 9.7 points, or 0.32%, to 3,009.61, and the Nasdaq Composite added 40.41 points, or 0.49%, to 8,236.45.

All three stock indexes were on track for their second weekly advance in a row ahead of the start of the second-quarter corporate earnings season. Analysts are forecasting a decline in S and P 500 earnings per share of 0.4% for the quarter, according to I/B/E/S data from Refinitiv.

The pan-European STOXX 600 index rose 0.04% and MSCI's gauge of stocks across the globe gained 0.24%.

Source: Saudi Press Agency

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