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Stocks tumble as oil falls, worries grow
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More from BusinessNEW YORK — So much for the Santa Claus rally.
A run-up at the end of 2008 that had some investors hoping the worst was over is crumbling on fear that corporate profit reports arriving this week will signal a recovery in the economy is further off than Wall Street had hoped.
The Dow Jones industrial average fell for the fourth session Monday as oil prices tumbled and as worries about the financial sector grew. So far this year, the Dow is down 3.5 percent. Stocks are still up sharply from late November, but investors are quick to look for even subtle shifts in the market after the terrible run for stocks last year.
A drop in oil added to the pessimism Monday. Crude fell 8 percent to a new low for the year as investors bet economic weakness would curb demand.
The Dow Jones industrial average fell 125.21, or 1.46 percent, to 8,473.97 after being down as much as 178 points. It was the lowest close for the Dow since Dec. 24 and the blue chips are down 302 points for the year.
Broader stock indicators also declined. The Standard & Poor’s 500 index fell 20.09, or 2.26 percent, to 870.26, and the Nasdaq composite index fell 32.80, or 2.09 percent, to 1,538.79.
The Russell 2000 index of smaller companies fell 12.50, or 2.60 percent, to 468.80.
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