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US stocks fall as market mulls Fed's next move

Published on Aug 2, 2014 11:08 AM
 
Traders work the floor of the New York Stock Exchange on July 31, 2014 in New York City. US stocks finished sharply lower after a news-packed week that bolstered confidence in the economy even as speculation grew that the Federal Reserve will more quickly raise interest rates. -- PHOTO: AFP 

NEW YORK (AFP) - US stocks finished sharply lower after a news-packed week that bolstered confidence in the economy even as speculation grew that the Federal Reserve will more quickly raise interest rates.

The Dow Jones Industrial Average sank 467.20 points (2.75 per cent) to 16,493.37, its deepest weekly decline since January.

The broad-based S&P 500 tumbled 53.19 (2.69 per cent) to 1,925.15, while the tech-rich Nasdaq Composite Index lost 96.92 (2.18 per cent) at 4,352.64.

The market's most dramatic day came on Thursday, when the Dow lost more than 300 points and gave up all its gains for 2014.

 
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