Stocks Rebound As Dollar Eases, GE Aerospace Rallies, Oil Prices Top $86: What's Driving Markets Wednesday?
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Wall Street rebounds as S&P 500 index recovers from two sessions of losses, following lower-than-expected ISM services PMI. The ISM Services PMI dropped to 51.4 in March, the slowest growth in three months, missing the forecast of 52.7. The ADP National Employment Report shows a stronger-than-expected surge in private payrolls, with employers adding 184,000 new jobs last month. The U.S. dollar experiences a slight pullback, declining by 0.4% for the day. Fed Chair Powell hints at possible rate cuts later this year. West Texas Intermediate (WTI) crude prices surge to $86 a barrel, the highest level since late October 2023. Gold surges 0.5% to $2,290/oz, while silver rallies 2.6% to $26.80. GE Aerospace stock rallies 6.5% after finalizing its separation from GE Vernova. Coty Inc shares tumble over 7% due to an operating loss of $7 billion in 2023. Spotify Technology S.A. rises 6% on reports of a subscription price hike. Ulta Beauty Inc. falls 14.5% due to a demand slowdown and tough competition in Q1.
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