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Stocks hold onto gains as global tensions ease

Stocks hold onto gains after President Trump says the U.S. is very close to a trade deal with the EU, sees a deal being reached with China, and says there’s a “good chance” he could meet with Iran’s Rouhani.

Topics were among several addressed at a joint press conference with French President Emmanuel Macron after the G-7 summit in Biarritz, France, ended.

The Nasdaq rises 0.9%, and the S&P 500 gains 0.7% and Dow both is up 0.8% in midday trading in New York.

Macron also said that France would scrap its digital tax once a “modernized” international tax plan is implemented.

By S&P 500 industry sector, information technology (+1.1%) and communication services (+1.0%) outpace the broader market, while materials (+0.5%) and financials (+0.5%) lag.

10-year Treasury yield falls a basis point to 1.527%.

The Dollar Index gains 0.4% to 97.99.

Crude slips 0.1% to $54.11 per barrel, after rising earlier in the session.

Across the Atlantic, the Stoxx Europe 600 Index closes roughly flat at 371.28 and Germany’s DAX closes up 0.4%.

Cboe Volatility Index is still relatively elevated, up 2.8%, at 20.42.

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