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Stocks close down sharply, but they were worse earlier: Dow lost 400 at one point

Stocks close down sharply, but they were worse earlier: Dow lost 400 at one point

The stock market suffered its second consecutive steep loss Monday in a volatile session that featured a seemingly odd turn of events.

Even as crude oil dropped back below $30 a barrel amid fears of a worldwide economic slowdown, the shares of oil giants Exxon Mobil Corp. and Chevron Corp. jumped in price.

That's because after weeks of seeing the market fall sharply, many investors are shifting their focus toward shares with stable growth prospects and hefty dividend yields — including the big oil companies — and away from once high-flying stocks, especially those in the tech sector, analysts said.

“There is a shift from go-go momentum growth stocks...

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