Stocks Rally Ahead of Fed Meeting and Apple Earnings; GM Reaches Deal to End UAW Strike
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U.S. stocks rallied on Monday as investors awaited the Federal Reserve's latest policy decision and Apple's earnings report this week. The S&P 500 climbed 1.2% while the Dow jumped 1.6%.
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The Fed is expected to hold interest rates steady at its meeting this week, with the rapid rise in Treasury yields already tightening financial conditions. Apple's quarterly results after Thursday's close will be closely watched.
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Oil prices fell as fears eased that conflict between Israel and Gaza would disrupt Middle East supplies. West Texas Intermediate crude dropped 3.6% to $82.50 a barrel.
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Activist investor Nelson Peltz gained an ally in his bid for a Disney board seat after former Marvel chairman Ike Perlmutter entrusted Peltz with his Disney stake.
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General Motors reached a tentative deal with the United Auto Workers, likely ending the labor dispute that has halted U.S. auto production. Ford and Stellantis previously struck deals with the union.