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Market Recap: Thursday, July 11

Stocks jumped on Thursday, adding to gains after Federal Reserve Chair Jerome Powell amplified market expectations for a near-term cut to benchmark interest rates. The S&P 500 rose 0.23%, or 6.84 points, closing at a new record high of 2,999.91. Meanwhile, the Dow increased 0.85%, or 227.88 points, to close above 27,000 for the first time ever.