The Federal Reserve’s 22-year rate hike and data-dependent additional raises may be the last of the cycle, but investors believe it’s done and cut bets on more this year.

The European Central Bank’s 25-basis-point rate hike may be its last this cycle.

Stock market bulls are encouraged by rising US and European rates and a strong earnings season.

The currency fell for the third day after Fed Chair Jerome Powell noted that hikes are lowering price pressures.

Most sectors gained 0.6% on the Stoxx Europe 600 index.

The Dow Jones Industrial Average lifted for the 13th consecutive session, its longest winning streak since 1987.

Second-quarter GDP data is expected to show a 1.8% rise.