Dow Jones soars 507 points as investors shrug off Fed tapering signals

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UBS GWM Head of Americas Equities David Lefkowitz argues one survey conducted by investors last week gives a 'contrarian' signal. U.S. stock markets booked strong gains for a second consecutive session on Thursday as investors digested the Federal Reserve’s plans for tapering its asset purchases and raising interest rates.  The Dow Jones Industrial Average rose 507 points, or 1.48%, while the S&P 500 index and the Nasdaq Composite index advanced 1.21% and 1.04%, respectively. The Dow was up more than 621 points at session highs. Stocks are now marginally positive for the week. Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 34764.82 +506.50 +1.48%SP500 S&P 500 4448.98 +53.34 +1.21%I:COMP NASDAQ COMPOSITE INDEX 15052.243848 +155.40 +1.04% The gains came a day after all three of the major averages jumped about 1% after Federal Reserve Chairman Jerome Powell indicated the central bank could begin tapering later this year and raising rates in 2022. 
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