US Stocks Advance on Wednesday
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US stocks rose on Wednesday, buoyed by expectations of lower Federal Reserve rates, supporting earnings prospects. The Dow and S&P 500 reached new peaks, while the Nasdaq 100 remained stable. ADP data indicated a slight rebound in private sector employment, aligning with a slow labor market. Semiconductor stocks like Micron and Texas Instruments surged over 6%. Additionally, oil company stocks, including Valero and Chevron, gained after news of initial oil exports from Venezuela, benefiting Gulf Coast refineries.
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