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Tuesday, June 7, 2011

US Stocks slip on investor jitters (ext)

NEW YORK (CNNMoney) -- Losses in the financial sector weighed on the stock market Monday, as investors remain nervous about the country's economic outlook.

A variety of recent reports have showed the recovery slowed in May, and given that the Federal Reserve's $600 billion stimulus runs out later this month, investors are especially jittery about the strength of the economy going forward.

"There's a sense that liquidity has helped the market a lot more than it has helped the economy, and there is a day of reckoning ahead," said Uri Landesman, president of Platinum Partners.

The Dow Jones industrial average (INDU) fell 61 points, or 0.5%. The S&P 500 (SPX) shed 14 points, or 1.1%, and the tech-heavy Nasdaq (COMP) slipped 30 points, or 1.1%.

"Investors are really trading on emotions right now -- and unfortunately, most people are pessimistic," said Jack Ablin, chief investment officer of Harris Private Bank in Chicago.

The dollar rose against the euro and the British pound, but fell versus the Japanese yen.

Oil for July delivery slipped $1.21 to settle at $99.01 a barrel.

Gold futures for August delivery edged up $4.80 to settle at $1,547.20 an ounce.

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