June 20, 2013

Stocks extend slide as China adds to worries 


By STEVE ROTHWELL / The Associated Press

(Continued from page 1)

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Specialist Christopher Culhane squeezes his forehead as he works on the floor of the New York Stock Exchange on Thursday.

The Associated Press

The rising dollar pushed oil prices lower. A stronger dollar makes oil more expensive for holders of other currencies. The price of crude oil fell $2.84, or 2.9 percent, to finish at $95.40 a barrel in New York, its biggest drop since November.

Some investors said the sell-off in stocks may be overdone. The Fed is considering easing back on its stimulus because the economy is improving. The central bank has upgraded its outlook for unemployment and economic growth.

The S&P 500 is still up 11.3 percent, for the year, not far from its full-year increase of 13.4 percent last year.

"People are overreacting a little bit," said Gene Goldman, head of research at Cetera Financial Group. "It goes back to the fundamentals, the economy is improving."

In other trading, the Nasdaq composite fell 78.57 points, or 2.3 percent, to 3,364.63.

Among other stocks making big moves:

GameStop, a video game store chain that sells new and used games, rose $2.41, or 6.3 percent, to $40.94 after Microsoft backpedaled and said that there will be no limitations on sharing games on its upcoming Xbox One gaming console.

Rite Aid fell 23 cents, or 7.4 percent, to $2.88 after the nation's third-largest drugstore chain lowered its forecast for 2014 earnings.
 

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