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Last Updated: Sep 19th, 2005 - 11:30:12 |
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Stock selloff accelerates as oil prices keep rising; Tuesday's Fed meeting a factor, too.
Stock declines sped up early Monday afternoon, as oil prices jumped more than five percent and investors geared up for Tuesday's Federal Reserve meeting.
The Dow Jones industrial average (down 85.50 to 10,556.44, Charts) and the Nasdaq composite (down 15.62 to 2,144.73, Charts) both lost close to 0.8 percent around two-and-a-half hours into the session. The Standard & Poor's 500 (down 7.12 to 1,230.79, Charts) index saw a smaller decline.
Surging oil prices and jitters about the Fed were among the factors hitting stocks Monday, said Paul H. Levine, president at money manager Lifetime Financial Strategies. The market was also seeing a fairly typical pullback after Friday's quarterly-options fueled rally, Levine said.
Full article: http://money.cnn.com/2005/09/19/markets/markets_newyork/index.htm
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