By CCN: In the past four days, the Dow Jones has climbed from 24,721 points to 25,677 as a dovish Federal Reserve launched the U.S. stock market into a strong short-term recovery. Futures market traders believe there is a 75 percent chance of an interest rate cut by the end of July, subsequent to the scheduled June policy meeting. However, UBS and JPMorgan warn that the U.S. stock market has overreacted to the possibility of a rate cut, and the consequences of that overreaction could be devastating. UBS: Stock Market Reaction Extremely Excessive In a note sent to clients,
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