The S&P 500 and Dow advanced to a new annual high on Monday, although gains were modest ahead of major market catalysts this week that include inflation readings and the Federal Reserve’s policy announcement, which will shape investor expectations on the path of interest rates. Increasingly market watchers believe the central bank is done with its interest rate hike cycle and could potentially cut rates in the first half of next year. These expectations have helped fuel a rally in equities in recent weeks that sent the S&P 500 to its highest level since March 2022 and the Dow to its highest since January of last year.
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