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S&P 500 turns positive for 2016 as recession fears fade

Equity Tips

The S&P 500 closed positive for the year on Friday for the first time in 2016 as the US Federal Reserve's dovish tone and a strengthening economic outlook compelled investors to take on more risk.

In part, the rally was a continued reaction to the Fed's move on Wednesday, in which it scaled back expectations for the number of rate hikes in the coming months. Major indexes gained for five weeks in a row and the Dow closed higher every day this week.

Starwood Hotels & Resorts jumped 5.8 percent at USD 80.57 after receiving what it deemed a superior takeover offer from China's Anbang Insurance Group and said it planned to end a deal with Marriott. Shares of Marriott closed up 1.9 percent at USD 73.16.

About 10.9 billion shares changed hands on US exchanges, well above the 8.02 billion average over the last 20 sessions.

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