The MSCI Emerging Markets Index traded at 826.54 at 12:51 p.m. in London, taking its advance from a 6 1/2-year low in January to 20 percent. A close at this level would mark the start of a bull market as well as a crossover of its 200-day moving average for the first time since June. Stocks are extending a rally after the Federal Reserve this week signaled a slower path of interest-rate increases.

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