US Stocks Inch Higher

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Stocks in the US edged higher on Wednesday, after touching record high levels, propelled by mounting anticipation of an interest rate cut by the Fed in March. The S&P 500 added 0.1% after rising above 4,780 points, to mark its most substantial quarterly gain in three years. The Nasdaq also gained 0.1% and the Dow closed 100 points higher, setting for an eight-week winning streak. Bit Digital, a US-based bitcoin miner, saw its shares rise by 18.5% as it plans to double its mining operating fleet by 2024. Coherus BioSciences also saw a significant increase of 23.6% after receiving US FDA approval for its infection-fighting treatment’s drug delivery device. The major averages are on track to book strong gains in 2023, with the Dow and S&P 500 up 13.6% and 25%, respectively, so far this year. Meanwhile, the Nasdaq Composite rallied 45.4% so far this year, boosted by a rebound in mega-cap technology names and the artificial intelligence craze.

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