S&P 500 Futures Suggest Record High for Benchmark After Fed

(Bloomberg) -- S&P 500 index futures rallied on Thursday, suggesting that the benchmark index could surpass its intraday record high reached in early May, after the U.S. Federal Reserve signaled it was ready to cut interest rates, fueling an equity rally worldwide.

The S&P 500 futures rose 1% at 8:32 a.m. in New York. The Fed on Wednesday dropped its use of “patient” in describing its approach to policy. The dovish tilt came after European Central Bank President Mario Draghi signaled he’s ready to add monetary stimulus. The Stoxx Europe 600 was up as much as 0.8%, led by cyclical sectors such as techs, autos and industrials, while the MSCI Emerging Markets index rose 1.5%.

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