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Trump Says Peace Deal Will Be Signed Sunday, but Iran Disputes Timeline The New York TimesLive updates: Iran war news; Trump says agreement to be signed Sunday, Tehran pushes back on timing CNNTrump says deal to end Iran war will be signed Sunday, as Iran disagrees on timing NPRU.S.-Iran deal to reopen Strait of Hormuz could be signed within days, both sides say NBC NewsTrump says deal to end war will be signed on Sunday, Iran questions timing KSL
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Trump names James M. McDonald to lead powerful New York federal prosecutor's office AP NewsTrump Again Picks Personal Lawyer for a Top Job, as U.S. Attorney in Manhattan The New York TimesTrump picks James McDonald to run SDNY PoliticoTrump taps former commodities regulator, ex-personal attorney as U.S. attorney for Southern District of New York ABC News - Breaking News, Latest News and Videos
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‘No soccer fans here': World Cup fever fails to grip Texas Republicans The GuardianGee, whiz: elephant relieves itself on floor of Texas Republican convention The GuardianElephant Wearing Abbott Banner Urinates in Middle of Texas GOP Convention NewsweekGrand Ol' Elephant Takes a Grand Ol' Leak in the Middle of the Texas GOP Convention Yahoo
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The wealthy are unfazed by inflation, and that could complicate the Fed's ability to fight it.
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Stocks closed higher Wednesday as bargain hunters swooped in following a lengthy stretch of losses for the major indexes.
Today's positive price action came as the 10-year Treasury yield eased back from yesterday's two-month high, finishing down 6.7 basis points at 3.273%. A basis point is one-one hundredth of a percentage point.
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And the buying persisted even after Federal Reserve Vice Chair Lael Brainard said in an early afternoon speech that the central bank is "in this for as long as it takes to get inflation down." The Fed will meet later this month, with the market largely pricing in the probability of a third straight 75 basis-point rate hike.
Nearly all sectors finished higher, with utilities ( 3.1%) and consumer discretionary stocks ( 3.1%) leading the charge. The one outlier was energy, which slumped 1.2% as U.S. crude futures tumbled 5.7% to $81.94 per barrel - their lowest close since Jan. 11, according to Dow Jones Market Data - amid expectations of slowing global economic growth. "Oil's breakdown today is a bigger shot across the bow, pointing to further struggles ahead in our opinion," says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott. "We believe the commodity can break below $80 from here, targeting the mid-$70s range in the weeks ahead."
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As for the major indexes, the Nasdaq Composite jumped 2.1% to 11,791 - snapping its seven-day losing streak, its longest one since 2016. The S&P 5
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