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The U.S. stock market rose to more records after Cisco Systems joined the parade of companies reporting fatter profits for the start of 2026 than analysts expected. The S&P 500 climbed 0.8% Thursday to set an all-time high for a second straight day. The Dow Jones Industrial Average rose 0.7% and finished a day above the 50,000 level for the first time since the war with Iran began. The Nasdaq composite added 0.9% to its own record. Cisco led the way after talking up demand it's seeing from AI and other customers, while oil prices held relatively steady.

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China’s Xi Jinping has warned President Donald Trump that their two countries could clash over Taiwan if the issue is not handled properly. That was an unusually harsh admonition that stood in contrast to the American leader’s praise for his counterpart. The exchange Thursday at a highly anticipated summit in Beijing underscored just how far apart Trump and Xi remain on thorny issues, including the war in Iran, trade disputes and Washington’s relations with Taiwan. Taiwan is a self-ruled island that China claims as part of its territory. The exchange also suggested that Trump’s three-day visit to China is likely to be longer on pageantry and symbolism than substantive political or economic breakthroughs.

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Tensions are escalating again near the Strait of Hormuz after a ship anchored off the United Arab Emirates was seized and taken toward Iran and another was attacked and sank near the coast of Oman. The incidents reported on Thursday came as a senior Iranian official reiterated his country’s claim to the waterway. Another Iranian official says Tehran has a right to seize oil tankers connected to the U.S. The British military says the ship seized near the UAE was moving toward Iranian territorial waters. The seizure comes as U.S. President Donald Trump meets with Chinese leader Xi Jinping in Beijing.

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BRICS foreign ministers have started a two-day meeting in New Delhi. Diplomats from Brazil, Russia, India, China and South Africa are attending the talks along with newer member states. The meeting beginning Thursday coincides with U.S. President Donald Trump’s talks with Chinese leader Xi Jinping in Beijing. Discussions in New Delhi are expected to focus on energy security, the conflict in the Middle East and trade in local currencies. BRICS has sought to increase its global influence, but differences over regional rivalries, global conflicts and ties with the West continue to test the bloc’s unity.

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Candidates for governor of New Mexico participate in a public forum in Rio Rancho, N.M., on April 28, 2026, ahead of a June 2 primary election: From left to right, they are Democratic Bernalillo County District Attorney Sam Bregman, Republican businessman Doug Turner; Republican cannabis entrepreneur and health care expert Duke Rodriguez, Democratic former U.S. Interior Secretary Deb Haaland, and Republican former Rio Rancho mayor Gregg Hull. (AP Photo/Morgan Lee)

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Former U.S. Interior Secretary Deb Haaland, a Democratic candidate for governor of New Mexico, greets people outside a candidate forum in Rio Rancho, N.M., on April 28, 2026, ahead of a June 2 primary election. (AP Photo/Morgan Lee)

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Bernalillo County District Attorney Sam Bregman, one of two Democratic candidates for New Mexico governor, campaigns at Quezada's Comedy Club at Santa Ana Pueblo, N.M. on April 28, 2026, ahead of a June 2 primary election. (AP Photo/Morgan Lee)