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Dow Jones average below 11,000 for 1st time since 2006
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09:17, July 12, 2008

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U.S. stocks recovered from steep losses Friday after the reports that the Federal Reserve may help the two largest mortgage companies.

The Dow Jones industrials, which briefly fell below 11,000 for the first time since July 2006, was down more than 120 points.

Wall Street traded sharply lower Friday morning as investors worried that Fannie Mae and Freddie Mac, the two largest providers of financing for U.S. home mortgages, are facing collapse.

Meanwhile, a new record oil price also overshadowed the market. Light, sweet crude for August delivery jumped to above 147 U.S. dollars a barrel on the New York Mercantile Exchange on Iran and Nigeria tension.

Negative news offset a better-than-expected reading of the mood of consumers. The Reuters/University of Michigan Consumer Sentiment index rose to 56.6 for July from 56.4 in June, which had been expected to decline.

The Dow Jones industrial average fell 128.48, or 1.14 percent, to 11,100.54 after falling to 10,977.68. The Standard & Poor's 500 index fell 13.90, or 1.11 percent, to 1,239.49, and the Nasdaq composite index fell 18.77, or 0.83 percent, to 2,239.08.


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