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U.S. Stocks Advance as Trade Simmers: Markets Wrap

  • WTI crude surges past $70 a barrel on Iran sanction concerns
  • Equities in Shanghai enter bear market; dollar steady
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Recession concerns are rising, which may give the Fed cause to pause hiking, says Credit Agricole’s Valentin Marinov.Source: Bloomberg

U.S. stocks rebounded from the worst selloff since early April as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions. The dollar advanced.

The S&P 500 Index rose back above its 50-day moving average, while technology shares hit hardest Monday bounced back to give the Nasdaq indexes advances. Energy producers led gains after oil popped above $70 a barrel following reports the U.S. is pressing allies to halt imports of Iranian crude. The dollar jumped versus major peers.