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US stocks climb on Iran deal
Reports indicate that the United States and Iran have reached a preliminary agreement to end the war in the Middle East and to open the Strait of Hormuz, resulting in a 5% decline in crude oil prices to their lowest levels since March. Major Wall Street indices surged significantly, with the Dow Jones rising by 647 points, while shares of big oil companies such as ExxonMobil and Chevron dropped by about 4%. The market also focused on the possibility of interest rates remaining unchanged, amid falling oil prices and their impact on monetary policy.
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