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Fed's impact
The indices are off their morning highs but did get another lift within the last 30 minutes and are still sporting solid gains as investors recently sifted through the last of today's economic data. At the top of the hour, the Commerce Dept. showed that construction spending rose 0.9% in May, the most since February 2006, while the latest read on monthly sentiment was upward revised
With Fed making it clear yesterday that inflation remains a predominant concern, further evidence that core prices are falling faster than expected has renewed some optimism on Wall Street. Earlier, the closely watched core-PCE deflator, which is regarded as the Fed's favored inflation gauge, rose just 0.1% in May.
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