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Wall Street rallies
U.S. stocks rallied to a record close Wednesday after the Federal Reserve held interest rates and maintained plans to cut three times this year. The Dow jumped 400 points, or 1.03%. The S&P 500 gained 0.89%, hitting above the 5,200 level for the first time, while the Nasdaq Composite rose 1.25%.
Congress eyes U.S. funding into China
U.S. investments going into China is coming under more Congressional scrutiny, besides the recent move to essentially ban TikTok. After initial false starts, some in the House of Representatives are trying to move ahead on legislation to cut off the flow of American capital that's allegedly funded China's military development.
Reddit prices IPO
Reddit has priced its IPO at $34 per share, in the first major social media offering since 2019. The company, which hosts millions of online forums, sold 15.28 million shares, while existing shareholders sold an additional 6.72 million. According to a press release, the offering brought in $519 million, valuing the company at close to $6.5 billion.
Kuwait oil CEO on Red Sea crisis
The Red Sea crisis could lead to global tanker shortage, according to the CEO of Kuwait Petroleum Corporation. "One of the things I think we may be concerned about is if this continues for another six months, that we will not have perhaps the tanker fleet available to continue to go around," Shaikh Nawaf al-Sabah said. Still, he added, he doesn't see a supply disruption risk in the Middle East. $S&P 500 Index(.SPX.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$