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Special> Coping With the Global Financial Crisis> Latest
UPDATED: February 23, 2010
U.S. Stocks Retreat After Week-long Rally
The Dow Jones dipped 18.97, or 0.18 percent, to 10,383.38

U.S. stocks halted last week's gaining streak and fell on Monday as uncertainty toward Federal Reserve's exit plans offset takeover news and a rally in financial shares.

Stocks rose in early afternoon trading but gave up all gains in final hour. Investors acted cautiously as the market tried to find direction.

Focus is now concentrated on Fed Chairman Ben Bernanke, who will give his semiannual assessment of economic conditions later this week. The market is concerned about the central bank's plan to quit its monetary stimulus policies. Fed's move last week to increase emergency overnight loan rates prompted speculation that it may start earlier to tighten credit.

Banking shares were among the best performers on Monday as investors await the new financial regulatory reform which will be discussed in Senate this week.

Market sentiment was lifted earlier after the news that Schlumberger Limited, the world's largest oilfield services company, agreed on Sunday to buy rival Smith International for about 11 billion dollars in stock, representing the biggest transaction of the year.

U.S. stocks gained in all trading sessions last week, with both the Dow Jones and S&P scored a weekly gain of over 3 percent, as investors turned their attention to the signs of a strengthening U. S. economy.

There is no economic data scheduled to release on Monday. Closely watched figures on Tuesday include home prices and consumer confidence, followed later in the week by durable goods orders and a revised look Friday at fourth-quarter GDP growth.

The Dow Jones dipped 18.97, or 0.18 percent, to 10,383.38. The Standard & Poor's 500 index slipped 1.16, or 0.10 percent, to 1, 108.01 and the Nasdaq was down 1.84, or 0.08 percent, to 2,242.03.

(Xinhua News Agency February 23, 2010)

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