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Charles Schwab

Stocks tumble on worries about the Fed and economic growth

Stocks tumble on worries about the Fed and economic growth

U.S. stocks abruptly changed course again Tuesday, taking large losses. Investors worried about the possibility of a weaker global economy and tried to anticipate the Federal Reserve's plans for interest rates. Energy companies fell with the price of oil after a leading industry group said demand for oil is down more than it previously thought.

Stocks sank in the first few hours of trading and never regained their footing. The price of oil fell 3% after the International Energy Agency's remarks about oil demand. The group expects weaker growth because of a more pronounced slowdown in the global economy.

Bond yields jumped, and phone companies dropped. Apple was one of the...

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