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Wall Street down as financials lose ground
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08:10, May 21, 2009

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Wall Street drifted between losses and gains and closed moderately lower Wednesday, as a decline in financials overshadowed positive movement of commodity stocks.

Financial stocks erased early gains on profit-taking after American Express said U.S. registration to curb credit-card fees may reduce lending to "consumers who need it."

Investors also sell off stocks, after members of the Federal Reserve forecast the unemployment rate will stay high for a while and cut their outlook for GDP growth.

The retreat of financials offset commodity advance. U.S. Steel Corp. and Freeport-McMoRan advanced as crude oil climbed over 62 dollars per barrel and copper rallied for a fifth day.

Hewlett-Packard, the largest maker of personal computers, tumbled after saying sales haven't shown signs of rebounding.

The Dow Jones lost 52.81, or 0.62 percent, to 8,422.04. Broader indexes also moved lower. The Standard & Poor's 500 index fell 4.66, or 0.51 percent, to 903.47; and the Nasdaq dipped 6.70, or 0.39 percent, to 1,727.84.

Source: Xinhua

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