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Stocks snap winning streak

Tuesday, March 08, 2016 - 01:11

Stocks closed out Tuesday's session near session lows in a late selloff. The energy sector tumbled, and soft Chinese trade data rekindled fears of weak global economic growth. Bobbi Rebell reports.

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Wall Street snapped its five-session winning streak. Pressuring stocks: falling oil prices, China's plunging exports, and a rush to lock in profit. OppenheimerFunds' Alec Young: (SOUNDBITE) ALEC YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SPEAKING: "Part of this is just simply healthy profit taking. Since February 11, the broad market averages are up in the double digits, so, I think, we're due for a little bit of a breather." Shake Shack didn't raise its outlook, so, investors wary of its high valuations, sold the shares. Quarterly sales growth at its established restaurants also slowed. Proxy fight brewing at United Continental. Two investment funds nominated six directors for the airline's board, saying they were disappointed with its poor performance. Separately, United Airlines said it'll buy 25 Boeing single-aisle jets. Urban Outfitters' shares went the other way after ten analysts raised their price target. Sales of its Free People brand rose sharply. SunEdison's stock soared after its $2.2 billion merger deal fell apart. Solar panel installer Vivint Solar accused SunEdison of failing to "consummate" the takeover. In Europe, that poor Chinese trade data pressured mining stocks, and that brought down the markets.

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Stocks snap winning streak

Tuesday, March 08, 2016 - 01:11