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Wall Street Slumps Amid Oil Rally and Credit Worries
Wall Street closed a week of losses as the Dow dropped over 100 points and the broader market slipped more than 3 percent for the week. Moody’s reviews Morgan Stanley, Merrill Lynch weighs $6 billion mortgage write‑down, while crude hits a fresh high near $143. Investors fear higher commodity costs will push up energy and food prices and sting consumers. The Dow settles at 11,346.51, down 0.93 percent, with a 19.9 percent year‑to‑date fall and on track for bear‑market territory.
MENTIONED IN THIS ARTICLE
New York Wall Street
Dow
Moody’s Investors Service
Morgan Stanley
Merrill Lynch & Co
New York Mercantile Exchange
Wall Street
Alexander Paris
Barrington Research
Commerce Department