The Stock Market Is Back in Rally Mode

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Wall Street is back in rally mode, with investors seizing on the latest sign that interest rates could begin to fall this year. The S&P 500 rose 1.2 percent on Wednesday, adding to three straight weeks of gains and climbing above its previous record, set on March 28. It marks a sharp shift from the sour mood that helped pull the index more than 5 percent lower at the beginning of April, as investors got used to the idea that high interest rates might stick around for longer, weighing on the economy and the markets. Fresh inflation data on Wednesday morning provided the catalyst for the index to cross through its previous record. The S&P 500 is now nearly 7 percent above its most recent low in April.