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The Dow Jones Industrial Average late-morning Thursday fell to session lows after President Donald Trump appeared reluctant to sign a bill that would extend funding for the government, and avoid a partial shutdown. The Dow was down 430 points, or 1.6%, at 22,955, the S&P 500 index declined by 1.6% at 2,466, while the Nasdaq Composite Index fell 2.1% at 6,501, touching a bear-market level, usually defined as a drop of at least 20% from a recent peak. Markets were already on edge after investors were disappointed that the Federal Reserve didn’t sufficiently communicate a dovish stance after it raised benchmark rates by a quarter of a percentage point on Wednesday to a range of 2.25% to 2.50%, and lowered its guidance for coming rate increases.
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Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years’ experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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