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Stocks drop as oil drop offsets ECB stimulus
Stocks drop as oil drop offsets ECB stimulus

A slump in oil prices weighed on the stock market Thursday, pushing the Standard & Poor's 500 index to its third straight loss. Stocks had started the day higher after the European Central Bank surprised investors by announcing that it had cut its benchmark interest rate to a record low and planned to purchase asset-backed securities in an effort to stimulate the region's ailing economy. Investors were also cheered by some encouraging reports on the U.S. economy. The gains didn't hold though and the market fell back during afternoon trading, as the falling price of oil pushed energy stocks lower. Oil closed the day down 1.1 percent at $94.45 a barrel, dropping after...

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