The S&P 500 surged above 3,000 points for the first time, and US treasuries rose along with gold after US Federal Reserve chair Jerome Powell signaled an openness to rate cuts amid ongoing uncertainty in the economy, cementing market bets for easing at July’s Federal Reserve meeting.

The Dow Jones industrial average joined the S&P 500 at a record high after Powell said, in prepared remarks, that downside risks to the economy remain, even after Friday’s strong jobs report forced investors to recalibrate rate-cut expectations. The yield on 10-year treasuries fell to 2.05% after climbing above 2.10% for the first time in a month. The dollar weakened. Oil rose above $59 a barrel in New York...

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