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Updated from 7:02 a.m. EST
Investors hid under the covers on Monday, fearing a week of bleak earnings reports.
Alcoa(AA Quote) tumbled 7% after being downgraded by Deutsche Bank. After trading hours, the Pittsburg-based aluminum producer reported a bigger-than-expected fourth-quarter loss of $1.19 billion.
Financials, led by big banks, were the worst performers of the day, falling 5.7%. Citigroup (C Quote) dropped 17%, despite reports of a brokerage operations deal with Morgan Stanley(MS Quote), on news of an expected fourth-quarter operating loss. ...
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