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Lower-income consumers are compensating for higher gas prices by buying less.
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Dow rises 500 points as oil retreats on Iran deal progress; AMD jumps after earnings: Live updates CNBCStock market today: Nasdaq, S&P 500, Dow rally on rising hopes for Iran peace, upbeat tech earnings Yahoo FinanceNasdaq Moves Higher as Tech Stocks Extend Rally WSJStock Market Today: Dow, S&P 500, Nasdaq Open Up; Trump, Iran Hope; AMD, Intel, Palantir, More Movers Barron's
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Why Gasoline Prices Vary So Much by State, County and City The New York TimesUS gasoline prices top $4.50 a gallon as summer driving season nears ReutersUS Gasoline Hits $4.50, Nears All-Time High as Iran Fuel Crunch Grows Bloomberg.comGas prices surge to highest levels since start of Iran war, squeezing Central Valley businesses ABC
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Fuel is airlines' second-largest expense, and getting even costlier due to the U.S. war with Iran. Airlines are looking for ways to cope, starting by hiking checked baggage fees for most fliers.
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Stocks continued their push higher Friday, with today's gains helping the major market indexes snap a three-week losing streak.
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There was nothing particularly new today to boost investor sentiment. Both the economic and earnings calendars were thin. And early afternoon speeches from Kansas City Fed President Esther George and Fed Governor Christopher Waller echoed the hawkish tone struck by central bank officials in recent weeks. It could just be that Wall Street has come to terms with the fact that the Fed will almost certainly issue a third-straight 75 basis point rate increase at its policy meeting later this month. Or perhaps investors are simply taking advantage of bargains from the late-August selloff.
Whatever the reason, today's rally was broad-based, with all 11 sectors finishing higher. Leading the pack was communication services, which jumped 2.8% on strong gains for components Meta Platforms (META, 4.4%) and Netflix (NFLX, 2.7%). Energy ( 2.5%) also outperformed as U.S. crude futures bounced 3.9% to $86.79 per barrel.
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As for the major indexes, the Nasdaq Composite's 2.1% rally to 12,112 outpaced its peers. Still, the S&P 500 Index ( 1.5% to 4,067) and the
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