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Oil Soars, Dow Tumbles 115

Stocks fall broadly except in energy shares
By Newser Editors and Wire Services
Posted Aug 31, 2015 3:27 PM CDT
Oil Soars, Dow Tumbles 115
Trader Gregory Rowe, left, talks to specialist Neil Gallagher as they work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)

(Newser) – The stock market is closing out its worst month in more than three years on a down note. Stocks fell broadly in today's trading, with the exception of energy shares, which reversed an early slump after the price of crude oil surged. The Standard & Poor's 500 index ended August down 6.3%, its worst showing since May 2012. Investors have been worried about slowing growth in China and elsewhere and looming interest rate hikes in the US.

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The Dow Jones industrial average fell 115 points, or 0.7%, to 16,528. The S&P 500 fell 17 points, or 0.8%, to 1,972. The Nasdaq composite slid 52 points, or 1.1%, to 4,776. Oil surged 9% on news that US production has been lower than estimated. (Read more money stories.)

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