Stocks rallied after reports that talks among Russia and Ukraine are progressing. Treasuries and the dollar retreated before the Federal Reserve policy decision.The S&P 500 climbed after the Financial Times reported that Ukraine and Russia have made significant progress on a neutrality plan to end the war, citing three people involved in the talks. The Nasdaq Golden Dragon China Index of giants like Alibaba Group Holding Ltd. and Baidu Inc. surged more than 20% after the Asian nation promised to ease a regulatory crackdown, support property and tech companies and stimulate the economy. Treasury two-year yields traded above 1.85%, while the 30-year rate rose toward the highest since mid-2019. West Texas Intermediate crude erased gains.A proposal for Ukraine to become a neutral country but retain its own armed forces “could be viewed as a certain kind of compromise,” Kremlin spokesman Dmitry Peskov said Wednesday, hinting at possible progress in peace negotiations. Ukrainian President Volodymyr Zelenskiy delivered an emotional address to the U.S. Congress, appealing for help from Americans to fend off the Russian invasion.
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