The S&P 500 rose ~0.3% to 2,733.29 on May 23 due to the rise in the utilities and real estate sector. On May 23, the Fed released the minutes for its meeting on May 2. The minutes highlighted that the Fed would increase the US interest rate gradually despite inflation rising at a faster pace. The meeting minutes supported the S&P 500 on May 23. Six out of ten key sectors in the S&P 500 advanced on May 23.
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