Wall Street recovers as stocks surge on lower yields
U S stocks rally led by tech as yields eased and inflation concerns linger. The S P 500 jumped 2.6 percent, the Dow rose 2.7 percent, and the Nasdaq gained 2.3 percent. Apple and Microsoft climbed over 3 percent as the S P 500 closed at 3,678.43, Dow at 29,490.89, and Nasdaq at 10,815.43.
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Supreme Court Opens New Term Amid Public Return and Water Rules
The Supreme Court began its term with Justice Ketanji Brown Jackson asking questions in a case over the Clean Water Act. Conservatives pressed limits on regulation while liberal justices supported federal authority. the public returns to the courtroom for the first time since 2020 with live audio available online.
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Supreme Court
Ketanji Brown Jackson
Jackson
Justice Department
Congress
Anthony Ken
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Regulators urge safeguards as crypto risks loom over U.S. stability
top US regulators urged Congress to enact safeguards to curb systemic risks from growing unregulated crypto markets including stablecoins. the 125 page report backed stronger agency powers and a potential CBDC while stressing acting now protects financial stability and supports innovation.
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U.K. drops tax cut for rich amid market turmoil
The UK government scrapped plans to cut the 45 percent top income tax rate for earnings above 150,000 pounds after market turmoil. Kwasi Kwarteng abandoned that element while pushing ahead with other tax cuts, with Labour polling ahead as Conservative doubts grew at Birmingham conference.
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Birmingham
England
U.K
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Treasury
Kwasi Kwarteng
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Financial Times
Liz Truss
Conservative
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