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Wall Street makes some gain after big selloff
Wall Street advanced cautiously this morning, as investors waded back into the market in search of bargains after Monday’s big selloff, ever mindful of the health of the financial, retail and auto sectors.
Some buying was to be expected after the stock market suffered one of its worst days since the start of the financial crisis on Monday, as a litany of bad economic news sent investors to the sidelines. The Dow Jones industrial average slid 679.95 points Monday, its fourth-highest drop ever.
But investors remain wary of the health of the financial sector, following a report that Goldman Sachs Group Inc. could face losses totaling $2 billion when it reports its fiscal fourth-quarter results because of continued market turmoil. The report underscored concerns that banks will be saddled with more losses in the coming quarters due to the ongoing troubles in the credit and housing markets.
The Dow was up about 150 points.
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