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The US stock market’s strongest two-year rally since the dot-com bubble is heading into its next big test as companies start releasing quarterly earnings, providing a major gut check on whether valuations have outrun the underlying reality.
On Friday, the S&P 500 Index slid 1.5% — its worst drop since mid-December — as an unexpected surge in hiring solidified speculation that the Federal Reserve won’t cut interest rates again until the second half of the year.
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