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Stocks Retreat After Rally

By Kevin Spak,  Newser Staff

Posted Jan 29, 2009 8:44 AM CST

(Newser) – Stocks sank at the open today as investors cashed in after yesterday’s rally. The Dow lost 90 points, while the Nasdaq and S&P both dipped 1.4%. The day’s economic data was negative as usual: Continuing jobless claims rose 159,000, orders for durable goods dropped 2.6%, and Ford posted a $5.9 billion fourth-quarter loss.

Traders work on the floor of the New York Stock Exchange Monday, Jan. 26, 2009.
Traders work on the floor of the New York Stock Exchange Monday, Jan. 26, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2009.
Traders work on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2009.
Traders work on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Monday, Jan. 26, 2009.
Traders work on the floor of the New York Stock Exchange Monday, Jan. 26, 2009.   (AP Photo/Richard Drew)
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