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Stock rally fizzles, leaving indexes with losses

A trader works on the floor of the

A trader works on the floor of the New York Stock Exchange on Wall Street on Monday, Oct. 17, 2016. Photo Credit: Bloomberg News / Michael Nagle

A midday advance on the stock market wilted in afternoon trading Friday after the FBI notified Congress that it will investigate new emails linked to Democratic presidential candidate Hillary Clinton.

The market had started out on a strong note after the government reported that the economy broke out of a slump in the third quarter and grew at the fastest pace in two years.

The early climb was led by industrial, energy and technology companies, which would stand to benefit most from a pickup in economy, but the gains disappeared after the FBI made its announcement at about 1 p.m. Eastern. Clinton has led in recent polls, and the surprise development added new uncertainty just a week and a half before the presidential election.

“I think the betting has to be that there’s nothing too damning, but we don’t know,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

The Dow Jones industrial average closed down 8.49 points, less than 0.1 percent, at 18,161.19. The index was 80 points higher shortly before the new inquiry was disclosed, then went down as much as 74 points in the minutes that followed.

The Standard & Poor’s 500 index dipped 6.63 points, or 0.3 percent, to 2,126.41. The Nasdaq composite slid 25.87 points, or 0.5 percent, to 5,190.10.

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