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Market News: Alibaba, Hertz Global, Eleven Biotherapeutics

The stock markets in the United States fluctuated and ended the trading with mixed results today. The S&P 500 climbed above its average price over the past 200 days. The index regained most of the 1.5% losses related to concerns regarding China’s economy.

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Yesterday, China’s central bank devalued the yuan, which ignited concerns that the country’s economy is falling. The surprising move of China boosted speculations regarding the possibility that the Federal Reserve will delay raising interest rates.

The People’s Bank of China’s action was intended to align the yuan with the market rate. Authorities intervened to support the currency and instructed banks to limit dollar purchases, according to people familiar with the situation.

Gene Peroni, a fund manager at Advisors Asset Management commented, “It could have positive implications for the market because the Fed may be inclined to postpone raising rates, but I’m...


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