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Snapshot: The Street focuses on economy, not Fed

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Wall Street got back to focusing on the economy instead of the Fed, and stocks rose. New data show a brightening US economy: Home prices and sales of new housing rose, manufacturing continued to improve, and consumer confidence hit a 5½-year high. Some investors say recent sell-offs were overblown. Among the gainers Tuesday were big dividend payers like phone and power companies — stocks hit hard in the sell-offs. The second quarter ends Friday; that may complicate things as money managers who need gains for clients pull out. The day’s news led investors to sell US bonds, a sign they’re more comfortable with stocks than before.

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