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The S&P 500 rose 1.1% Wednesday, bouncing back from its sell-off that had erased all of its “Trump bump” since Election Day.

Wall Street fluctuated as optimism from lower-than-expected inflation was overshadowed by global trade tensions.

U.S. beverage makers such as Brown-Forman swung between gains and losses and the stock dropped 0.1% in premarket trading.