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FRIDAY, NOVEMBER 27, 2009
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226-Point Sell-Off Erases Rally

Nervousness builds ahead of January job report

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(Newser) – Widespread layoffs and poor housing data spurred a sell-off in stocks that saw the Dow give back yesterday’s gains and more, MarketWatch reports. Weekly jobless claims rose 159,000 and new layoffs were announced at Allstate and Eastman Kodak, stoking fear ahead of next Friday’s January employment report. The Dow fell 226.44 to 8,149.01, the Nasdaq lost 50.50 to 1,507.84, and the S&P 500 fell 28.95, settling at 845.14.

Specialist Elizabeth Rose works at her post on the floor of the New York Stock Exchange in this undated file photo.
Specialist Elizabeth Rose works at her post on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo)
Traders work on the floor of the New York Stock Exchange in this undated file photo.
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo)
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Between the terrible housing report and the ugly jobless claims, there you have it. The government is laying poor data at our doorsteps.
- Jack Ablin, Harris Private Bank.

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