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Stocks rose near their record levels on Wednesday as mixed data on the economy kept alive hopes that a cut to interest rates is coming soon.

The S&P 500 gained 0.3% and pulled within 0.6% of its all-time high set in late October. The Dow Jones Industrial Average climbed 408 points, or 0.9%, and the Nasdaq composite added 0.2%.

The biggest jump in the S&P 500 came from Microchip Technology, which leaped 12.2% after saying it expects sales and profit for the final months of the year to come in at the high end of the forecasted ranges it earlier gave. CEO Steve Sanghi said business is doing better than expected, and it’s reducing inventory levels.

Marvell Technology was another winne

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