Stocks Decline Despite a Midweek Lift

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U.S. stocks declined despite a midweek lift from the FOMC decision to raise interest rates. Blame for the selloff mostly was assigned to continued oil market weakness, but also to option expirations. Stocks in Europe and Asia rose except for Japan, which sold off as the BoJ moved to supplement quantitative easing without increasing policy support. Gold and oil prices continued to slide; crude oil fell to $34.55/bbl. The yield on the ten-year U.S. Treasury note rose from 2.13% to end at 2.20% by Friday’s close.

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