Stocks Pull Off Late Rebound After Early Profit-Taking on Disappointing Budget Resolution

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Wall Street took profits off recent gains in the stock market after the last minute deal to end the budget crisis left investors concerned about the health of the economy and outlook for year-end earnings. But two of the three major indices managed to end in the green, with the Dow Industrial pulling off a late rally to end just below even after spending the bulk of the regular session weighed down by disappointing earnings from IBM ( IBM ) and Goldman Sachs ( GS ). Bearish economic data on employment and business confidence along with a downgrade in US debt by a Chinese rating agency all underscored the deterioration in consumer and investor confidence.



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This article appears in: Investing , Commodities

Referenced Stocks: GS , IBM

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