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Stocks Rise as Fed Hints at Rate Pause

US stocks closed gradually higher on Friday, erasing the previous session’s losses as officials hinted that the Federal Reserve could decide to pause interest rates in September.

The tech-heavy Nasdaq Composite Index erased some of its previous losses, rising 0.1%, after Apple shares plunged during the previous session. This decline came after China banned iPhone use among government officials and considered extending the ban to state-run companies. The S&P 500 edged up by 0.1% while the Dow Jones Industrial Average gained 0.2%.

Several Federal Reserve officials made comments suggesting that the central bank could hold rates constant, including New York President John Williams, stating that the US monetary policy is “in a good place”, however, the Fed would continue to monitor economic data in order to guide decision-making.

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