Wall St. cheers Fed signal

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U.S. stocks surged nearly 3 percent across the board in the biggest one-day rally in four months as investors bet the Federal Reserve will not raise rates this year. The Dow rallied 331 points to 11,615.The S&P 500 rallied 35 points to 1,284.The Nasdaq rallied 64 points to 2,349. Crude oil dropped over $2 to $119.17 a barrel.Conway Gittens reports from New York. Speaker: Lakshman Achuthan, managing director, Economic Cycle Research Institute

Tags: stocks, Federal Reserve, oil

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