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Stocks Close Lower Again

They drop on shifting odds for rate cut
By Newser Editors and Wire Services
Posted Jul 8, 2019 3:00 PM CDT
Director General of Israeli Ministry of Finance Shai Babad, left, and Israel's Finance Minister Moshe Kahlon, center, listen to NYSE Vice Chairman John Tuttle during their visit to the New York Stock...   (AP Photo/Richard Drew)

(Newser) – Stocks are closing lower for a second straight day as investors try to gauge the Federal Reserve's next move on interest rates, the AP reports. A strong US jobs report Friday dimmed investors' expectations that the Fed would cut its benchmark interest rate by as much as half a percentage point later this month. Many investors still expect a quarter-point cut. Shares of health care and technology companies led the decliners Monday. Apple dropped 2.1% and Merck fell 1.8%. Deutsche Bank dropped 6.1% after the German bank announced a massive restructuring. The S&P 500 fell 14 points, or 0.5%, to 2,975. The Dow Jones industrials lost 115 points, or 0.4%, to 26,806. The Nasdaq fell 63 points, or 0.8%, to 8,098. The Russell 2000 index of smaller companies declined 0.9% to 1,561. (Read more stock market stories.)

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