Stocks Rebound as Yields Retreat Before Inflation Data; Exxon Buys Pioneer in Year's Biggest Energy Deal
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Stocks rebounded as bond yields retreated ahead of consumer price data. Nasdaq rose 0.7%, S&P 500 gained 0.4%, Dow 0.2%.
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ExxonMobil agreed to buy Pioneer Natural Resources for $59.5 billion in oil's biggest deal this year.
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Birkenstock fell 13% in trading debut on NYSE after pricing IPO at $46 per share.
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Novo Nordisk diabetes drug Ozempic showed promise treating kidney disease in trial, sending shares up 5%.
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Wholesale inflation rose 0.5% in September, exceeding expectations and pushing annual rate to 2.2%, complicating Fed's interest rate outlook.
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