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Dow Hits Records High

Stocks rally amid lessening fears of inflation

The S&P 500 rose on Wednesday and the blue-chip Dow hit a record high after tepid consumer price data for February calmed inflation worries and Congress gave final approval to one of the largest economic stimulus measures in U.S. history.

A rotation into sectors such as energy and financials continued, both in small- and large-cap stocks, as investors bet on consumer spending when the U.S. economy reopens. They sold the big tech names that have fueled the rally since last March.

An expected economic surge once the coronavirus vaccines are rolled out along with the monster fiscal stimulus have triggered inflation fears and a spike in Treasury yields, leading the Nasdaq to tumble as much as 12 percent from its Feb. 12 record close.

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