Wall Street: The bear is back

Stocks slumped Wednesday, with the Dow and Nasdaq ending in bear market territory on record oil prices, a 15% slump in GM stock and worries ahead of the June jobs report and ECB interest-rate decision, both due Thursday.

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Oil surges to record above $144

Oil prices rose to a new record Wednesday as traders mostly looked past a mixed inventory report to focus on continued geopolitical instability, currency issues and a looming jobs report.

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Stocks feel bear’s breath, jobs data ahead (Reuters)

Traders work on the floor at the New York Stock Exchange, June 26, 2008. (Brendan McDermid/Reuters)Reuters - Stocks will start the second half of
2008 staring into the jaws of a bear market.



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McCain talks trade, innovation with auto workers (AP)

Republican presidential candidate Sen. John McCain, R-Ariz. shakes hands after concluding a town hall meeting with employees at the General Motors auto plant in Lordstown, Ohio, Friday, June 27, 2008. (AP Photo/LM Otero)AP - Republican John McCain on Friday told autoworkers in an economically depressed area of Ohio that he supports free-trade agreements many of them feel cost jobs, but also government investment to help produce the electric cars of the future.



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McCain talks trade, innovation with auto workers (AP)

Republican presidential candidate Sen. John McCain, R-Ariz. shakes hands after concluding a town hall meeting with employees at the General Motors auto plant in Lordstown, Ohio, Friday, June 27, 2008. (AP Photo/LM Otero)AP - Republican John McCain on Friday told autoworkers in an economically depressed area of Ohio that he supports free-trade agreements many of them feel cost jobs, but also government investment to help produce the electric cars of the future.



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Bush praises faith-based groups for helping needy (AP)

President George W. Bush addresses the Office of Faith-Based and Community Initiatives' National Conference at the Omni Shoreham Hotel in Washington, Thursday, June 26, 2008. (AP Photo/J. Scott Applewhite)AP - President Bush said Saturday that religious charities, partly financed with federal money, have helped reduce homelessness, found jobs for former inmates and helped combat malaria and HIV/AIDS overseas.



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McCain, Obama trade jabs on economy, taxes (AP)

Republican presidential candidate Sen. John McCain, R-Ariz., gives a thumbs up before speaking to the NFIB & eBay 2008 National Small Business Summit in Washington, Tuesday, June 10, 2008. (AP Photo/LM Otero)AP - Republican John McCain said Tuesday that Democrat Barack Obama is bad for business as the presidential rivals appealed to voters worried about lost jobs, rising gas prices and other economic woes.

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McCain, Obama trade jabs on economy, taxes (AP)

Republican presidential candidate Sen. John McCain, R-Ariz., gives a thumbs up before speaking to the NFIB & eBay 2008 National Small Business Summit in Washington, Tuesday, June 10, 2008. (AP Photo/LM Otero)AP - Republican John McCain said Tuesday that Democrat Barack Obama is bad for business as the presidential rivals appealed to voters worried about lost jobs, rising gas prices and other economic woes.

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McCain, Obama trade jabs on economy, taxes (AP)

Republican presidential candidate Sen. John McCain, R-Ariz., gives a thumbs up before speaking to the NFIB & eBay 2008 National Small Business Summit in Washington, Tuesday, June 10, 2008. (AP Photo/LM Otero)AP - Republican John McCain said Tuesday that Democrat Barack Obama is bad for business as the presidential rivals appealed to voters worried about lost jobs, rising gas prices and other economic woes.

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McCain, Obama trade jabs on economy, taxes (AP)

Republican presidential candidate Sen. John McCain, R-Ariz., gives a thumbs up before speaking to the NFIB & eBay 2008 National Small Business Summit in Washington, Tuesday, June 10, 2008. (AP Photo/LM Otero)AP - Republican John McCain said Tuesday that Democrat Barack Obama is bad for business as the presidential rivals appealed to voters worried about lost jobs, rising gas prices and other economic woes.

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