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June 15, 2017

Investors seek safety after weak sales data

NEW YORK (AP) — U.S. stocks dipped Wednesday as investors worried about weak retail sales and oil prices sank. The Federal Reserve raised interest rates for the third time in six months.

The Commerce Department said retail spending decreased in May, which surprised experts. Investors reacted by buying traditionally safe assets like government bonds and high-dividend companies while selling stocks from other industries that depend more on economic growth. Bond yields hit their lowest level of 2017. Oil prices also hit an annual low after the government's weekly report on oil stockpiles.


 
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