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Stocks Ease From Records
European stocks pared their gains on Thursday after reaching record levels, pressured by rising bond yields and renewed concerns about technology stocks. The Stoxx 600 rose 0.09% to 663.66, while the DAX retreated from its peak of 27,001.57 to close at 26,771.2. Strong corporate results supported markets: earnings growth among Stoxx 600 companies accelerated to 28% in the third quarter, up from 22%—its strongest pace in four years. Energy stocks have also risen 36% since the start of the year. Results from Siemens and Allianz helped lift shares, but gains narrowed as bond yields climbed and chipmakers and software companies came under pressure.
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