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Dow rallies more than 200 points after strong U.S. economic data as Wall Street tries to snap 2-day slide

Stocks hit session highs after strong ISM report

The major averages built on their earlier gains after the release of stronger-than-expected U.S. services data. The Dow Jones Industrial Average traded more than 200 points higher, or 0.8%. The S&P 500 gained 1%, and the Nasdaq Composite rallied 1.8%.

—Fred Imbert

Services data shows surprise rebound

Investors received some positive economic news on Wednesday morning.

The ISM non-manufacturing purchasing managers index showed a surprise rebound in July. The reading came in at 56.7, above 55.3 in June. Economists surveyed by Dow Jones were expecting 54.

June factory orders also came in better than expected, rising 2%. Economists surveyed by Dow Jones were expecting a gain of 1.2%.

— Jesse Pound

Meme stock mania makes a comeback?

Wild trading in an obscure Hong Kong-based fintech firm is turning heads on Wall Street and sparking conversations about meme stock mania again.

AMTD Digital saw…

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