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Stocks Rise, Rally Back on

Stocks rose Wednesday, as investors held out hope that the Federal Reserve is done raising benchmark interest rates. Traders also tried to build on already strong gains for the month.

The Dow Jones Industrials increased 36.92 points to kick off Wednesday at 35,453.90.

The S&P 500 gathered 14.79 points to 4,569.60.

The NASDAQ hiked 55.45 points to 14,337.21.

General Motors shares popped 10.4% after the company announced a $10 billion buyback and raised its dividend. Phillips 66’s stock jumped 3.6% after Elliott Investment Management took a $1-billion stake in the energy company.

Data released Wednesday showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in nonresidential structures.

Prices for the 10-year Treasury jumped, lowering yields to 4.28% from Tuesday’s 4.33%. Treasury prices and yields move in opposite directions.

Oil prices let go of 44 cents to $75.97 U.S. a barrel.

Gold prices brightened $2.20 to $2,042.20.

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