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Stocks fall on budget fight, economic worries

Stocks closed down on Wall Street on concerns about the economy Monday. A looming budget fight in Washington also weighed down stocks.

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A trader works on the floor of the New York Stock Exchange shortly after the start of trading in New York, Monday. Financial stocks fell the most among the 10 industrial groups in the S&P 500 index Monday.

Lucas Jackson/Reuters

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 Concerns about the strength of the economy and the potential for a budget fight in Washington pushed down the stock market Monday.

The Dow Jones industrial average and the Standard & Poor's 500 index fell for a third straight day.

The Dow jumped 147 points last Wednesday to close at an all-time high after the Fed decided to keep its huge economic stimulus program intact. But that rally has been wiped out by anxiety over a budget and debt fight in Washington over the past three days.

Investors initially cheered the Fed's surprise decision to keep its stimulus in place because the program has helped sustain a bull run in stocks dating back to March 2009.

 
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