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Dow Slips 26 as Oil Prices Fall

By Harry Kimball,  Newser Staff

Posted Jul 29, 2009 3:13 PM CDT

(Newser) – Markets were off today on plunges in the energy and manufacturing sectors brought on by falling oil prices, the Wall Street Journal reports. A poorly received auction of T-notes also did little to inspire confidence. The world’s largest steelmaker, ArcelorMittal, slipped 7% on a larger than expected loss, and the tech sector took a hit on Microsoft’s deal with Yahoo. The Dow fell 26 to 9,070.72, the S&P shed 4.49 to end at 975.13, and Nasdaq lost 7.75 to finish at 1,967.76.

A trader works on the floor of the New York Stock Exchange.
A trader works on the floor of the New York Stock Exchange.   (AP Photo)
Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange.   (AP Photo)
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You've had a nice size run and people are looking for an excuse to take profits. In general, the market was just looking for an excuse for a way to correct and you happened to get a series of things popping. - Doug Roberts, Channel Capital Research

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COMMENTS
Showing 1 of 1 comment
freethemall
Jul 29, 2009 10:02 AM CDT
Both rising and falling oil prices are reported as bad news. If they're both bad news, then it's equally true that they're both good news, it would seem to me.

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