Wall Street surges in dip-buying rally, oil falls

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Reuters UK

By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed sharply higher on Thursday, powered by a rebound in recently battered mega-cap growth stocks, while crude oil prices declined as a surge of COVID cases in China exacerbated fears of global economic downturn. All three major U.S. stock indexes jumped in a broad-based rally on the penultimate trading day of the year, with the tech-heavy Nasdaq out front. European shares also advanced, but gains were held in check by worries over spiking COVID cases in China, the World’s second largest economy. The S&P 500, up 1.7% and the Nasdaq, up 2.6%, n…

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