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Nasdaq closes at record as investors prepare for Fed rate decision

NEW YORK (Reuters) -The Nasdaq closed at a record high on Monday and the S&P 500 also rose as investors gauged the latest economic data while looking toward the Federal Reserve's final policy announcement of the year later in the week to gauge the path of interest rates. Markets have almost completely priced in a rate cut at the conclusion of the Fed's two-day policy meeting on Wednesday, with a 95.4% chance for a cut of 25 basis points (bps), according to CME's FedWatch Tool. "Maybe the market was a bit oversold last week and with almost a 100% likelihood that the Fed will cut on Wednesday, the only outstanding question is what kind of rhetoric, what kind of notes will investors get regarding guidance," said Sam Stovall, chief investment strategist of CFRA Research in New York.

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Stock market today: Nasdaq hits a record as Wall Street drifts ahead of Federal Reserve's meeting

U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year. The S&P 500 rose 0.4%, coming off its first losing week in the last four. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.

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Insurer stocks fall after Trump says 'we're going to knock out the middleman'

CVS Health's Caremark, Cigna's Express Scripts and UnitedHealth Group's Optum control the majority of the U.S. pharmacy benefit market, with their parent companies also operating health insurance and pharmacy businesses. Pharmacy benefit managers negotiate drug costs with pharmacies and drug manufacturers and help build drug coverage lists for health plans, mostly on behalf of employers and the government.

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What's Going On With Illumina Stock On Monday?

On Friday, Nasdaq Inc’s (NASDAQ:NDAQ) annual reconstitution of the Nasdaq-100 Index will become effective before the market opens on December 23. Illumina, Inc. (NASDAQ:ILMN) was removed from the index. Year to date, the stock has increased around 8%, underperforming iShares Core S&P Mid-Cap ETF (NYSE:IJH). The provider of DNA sequencing and array-based technologies has been in the news due to its controversial multi-billion dollar deal to acquire cancer test maker Grail Inc (NASDAQ:GRAL). Also

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