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Inside Markets

Switzer Daily
22 June 2009

US stocks finished the day lower on Tuesday as investors took profits from Monday's massive rally.

The Dow Jones dropped 115.65 points or 1.5% to close at 7,660.21. The Nasdaq lost a big 2.5% to finish at 1518.2. The S&P 500 shed 16.9 points or 2% to 806.

The big sell-off was led by bank and technology shares. Stocks such as Citigroup and Bank of America were down significantly after both gained more than 20% in Monday's session.

While the prospects for a stock market recovery are good, there's still likely to be volatility in the short term. Given the extent of Monday's rally, some profit taking was to be expected and it's encouraging that Wall Street didn't see bigger losses on Tuesday.

The Oz dollar is currently trading at 69.56 US cents.
 
Have a great day,
 

Peter 

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