US Stocks had a fairly week session today as stocks tumled on account of as record-high oil prices and a bleak economic assessment from the Federal Reserve deepened investors' worry about rising costs and a shaky employment picture. The Dow Jones industrial average fell 227 points or 1.8 percent, to 12,601.19, logging its widest two-day loss since late February.Nasdaq Composite Index fell 43.99, or 1.8 percent, to 2,448.27.
fears increased that the U.S. economy faces 1980s-style stagflation after the Federal Reserve slashed its economic growth forecasts while raising estimates for inflation.
Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. sent financial shares to their lowest since April 15. Target Corp. led retailers to their worst decline in a month and an index of airlines slid to an all-time low as crude climbed above $133 a barrel. Moody's Corp. slumped the most since 1999 after the credit ratings company said it is investigating whether it mistakenly assigned Aaa ratings to debt securities that later fell in va
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