The Dow Drops Below 12,000
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U.S. stocks sold off at midday Wednesday, breaking an early standoff between bargain hunters and bears. The Dow Jones Industrial Average dropped 101 points, or 0.8%, to 11,975, putting it below 12,000 for the first time since Nov. 6. Twenty-one of the index’s 30 components were trading lower!
All three major indices had been alternating between positive and negative throughout the session. “Right now, valuation and fundamentals are in question,” said James Park, managing director with Rodman & Renshaw. “The market is finally putting things into perspective, as this risk has always been out there. Obviously the reality is setting in.”
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