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Dow Closes Below 13,000 For First Time Since August 2 (S, BA)

By: , dated November 7th, 2012
Stocks traded sharply lower following the re-election of President Obama in the US. The Dow Jones, S&P 500 and Nasdaq all ended in the red with many investors refocusing their worries on the looming fiscal cliff and economic troubles in Europe. The EU issued several negative forecasts on Wednesday about Europe’s shrinking GDP and growing unemployment rates. These fears also drove down the euro, which declined against the US dollar. An additional report made today was on consumer credit in the US, which saw a jump higher than forecasted for the month of September. Boeing (BA) announced major restructuring and future job cuts and Kraft (KFT) beat expectations for net profit due to increased advertising and productivity. Bank of America (BAC), JPMorgan (JPM) and several other large banks saw significant losses today.

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