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Snapshot: Concerns ease over cuts to stimulus

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Investors have stopped worrying about the Fed — at least for now. Stocks rose as buyers figured the economy still isn’t growing fast enough for the central bank to cut its stimulus program. US manufacturing grew in June after a pickup in new orders and stronger production, according to the Institute for Supply Management. If the manufacturing report had been stronger, one investment executive said, stocks might have fallen as investors speculated the Fed would be inclined to cut its bond buying. Also lifting markets was
a report that showed a rise in construction spending, which added to the picture of an improving economy.

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