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Wall Street Falls For Third Straight Day After Late Slide

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Published on May 15, 2012

U.S Stocks fell for the eighth day, as uncertainty stemming from the political stalemate in Greece gave investors another reason to be cautious and sellers came out in force late in the session. The S&P 500 fell for the third straight session as attempts to form a government in Greece fell apart.
Stocks moved lower in the absence of positive news to turn the tide of negative sentiment. Concerns about the euro zone weighed on energy and materials stocks, with U.S crude down for the third straight day.
The Dow Jones industrial average dropped 63.35 points, or 0.50 percent, to 12,632.00 at the close. The Standard & Poor's 500 Index lost 7.69 points, or 0.57 percent, to 1,330.66. The Nasdaq Composite Index fell 8.82 points, or 0.30 percent, to 2,893.76.
JPMorgan Chase & Co rose 1.3 percent to $36.24, mostly unchanged this week after falling more than 11 percent last week after disclosing a trading loss of at least $2 billion
Facebook Inc increased the price range of its initial public offering, aiming to raise more than $12 billion and giving the world's largest social network a valuation potentially exceeding $100 billion.

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