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WEDNESDAY, NOVEMBER 25, 2009
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Dow Drops 86 on Financials

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(Newser) – Financial stocks led declines today as the boost from the Fed’s announcement of new plans to lower lending costs faded, the Wall Street Journal reports. Citigroup and Bank of America shares both fell at least 10%, giving back recent gains. Crude oil rallied to $50.80 a barrel, the highest price this year. The Dow closed down 85.78 points at 7,401. The Nasdaq lost 7.74 points to settle at 1,483, and the S&P 500 fell 10.31 points to 784.

Specialist Michael O'Mara, right, works his post on the trading floor of the New York Stock Exchange Monday.
Specialist Michael O'Mara, right, works his post on the trading floor of the New York Stock Exchange Monday.   (AP Photo/David Karp)
Trader Timothy A. Curley signals in the S&P 500 futures pit at the CME Group Tuesday, March 10.
Trader Timothy A. Curley signals in the S&P 500 futures pit at the CME Group Tuesday, March 10.   (AP Photo/M. Spencer Green)
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I'm positioning for a recovery but the question that remains is when. That doesn't happen fully until credit growth starts and credit improves on both the commercial and retail side but we just haven't seen a lot of evidence of that yet. - Kelli Hill, Ashfield Capital Partners

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