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China to Inject $45 Billion Into State Financial Institutions 
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China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
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China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
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U.S. stocks closed higher on Wednesday, with the Dow Jones Industrial Average and the S&P 500 finishing at record closing highs during a broad-based rally in a holiday-shortened trading session. All three major indexes notched their fifth consecutive day of gains, highlighting continued strength in U.S. equities despite lingering concerns about interest rates and valuations.
Market sentiment has improved in recent sessions, supported in part by a rebound in AI-related stocks after last week’s selloff. That pullback had been driven by worries over elevated valuations and heavy capital expenditures potentially weighing on future profits. Renewed optimism around artificial intelligence, including chatter about new models from major tech players such as OpenAI and Meta, helped lift investor confidence.
Recent economic data also reinforced the view that the U.S. economy remains resilient. New applications for U.S. jobless benefits unexpectedly declined last week, signaling ongoing labor market strength. Meanwhile, investors continue to price in around 50 basis points of Federal Reserve rate cuts next year, although expectations for a January cut remain low, according to CME Group’s FedWatch Tool. Analysts broadly agree that the Fed is unlikely to ease policy again in the near term.
The Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48,731.16. The S&P 500 gained 22.26 points, or 0.32%, to 6,932.05, while the Nasdaq Composite added 51.46 points, or 0.22%, to 23,613.31. Trading volumes were notably light ahead of the Christmas holiday, with U.S. markets closed on Thursday.
Micron Technology shares climbed nearly 4% to a record close, extending gains after issuing a strong forecast last week. Financial stocks also supported the rally, while energy was the only S&P 500 sector to finish lower. Nike surged after news of insider buying, while Dynavax Technologies jumped sharply following a takeover announcement by Sanofi.
With stocks entering the traditionally strong “Santa Claus rally” period, optimism around AI, potential rate cuts, and economic resilience continues to underpin the bull market, which began in October 2022 and has kept U.S. stock indexes on track for another year of gains.
