Stocks Mixed as Tech Slides on Samsung Warning; Oil Rebounds, United Jumps
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Stocks closed mixed Tuesday as a tech rally faded following a profit warning from Samsung that weighed on the sector. The Dow fell 0.4% while the S&P dipped 0.2%. The Nasdaq eked out a small gain after reversing earlier losses.
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Oil prices rose nearly 2% Tuesday, recovering some losses from Monday's plunge. Investors weighed supply impacts from Middle East tensions and Saudi Arabia's decision to cut crude prices.
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The World Bank predicts global economic growth will slow for a third straight year but a recession will likely be avoided. Growth is forecast at 2.4% in 2024 due to weak trade and higher interest rates.
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United Airlines stock jumped over 2% following a double upgrade to Buy from BofA analysts, who cited an attractive valuation. JetBlue sank 10% on news its CEO will depart and concerns its Spirit merger will fail.
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Shares of video game developer Unity Software tumbled 7% after announcing plans to lay off about 25% of its workforce, equaling around 1,800 employees.