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Gains vanish as worries about banks take hold

November 17, 2011

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U.S. stocks tumbled, erasing yesterday’s gains, as Fitch Ratings said further contagion from Europe’s debt crisis will pose a risk to American banks and amid concern higher oil prices will hamper economic growth. The S&P 500 decreased 1.7 percent to 1,237.04 at 4 p.m. New York time, according to preliminary closing data. The Dow Jones Industrial Average retreated 190.04 points, or 1.6 percent, to 11,906.12. Oil rallied above $100 a barrel.

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