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July 27 (Bloomberg) -- U.S. stocks pared losses as top Democrats planned a news conference, spurring optimism lawmakers were making progress with plans to raise the debt limit.
The Standard & Poor’s 500 Index was down 0.9 percent at 1,319.70 at 11:32 a.m. in New York after retreating as much as 1.6 percent.
Senate Majority Leader Harry Reid and other top Democrats plan an 11:45 a.m. news conference today in Washington. Thus far today, House Republicans have no news conference planned.
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