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Summary
Stocks declined on Wednesday morning on rising oil prices as fears that persistent inflation will keep the rates higher. The ISM non-manufacturing Purchasing Managers’ Index (PMI) came in at 54.5, compared with expectations of 52.5. In other news, Apple fell after a report that China has banned government officials from using iPhones for work. The S&P 500 fell 0.8%, the Dow 0.6% and the Nasdaq was down 1%. Crude oil traded near $87 per barrel and gold fell $11 to $1941.
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