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NEW YORK (MarketWatch)
U.S. stocks fell Friday as an unexpected contraction in a gauge of business activity in the Midwest had Wall Street cutting still-sizeable third quarter and September gains
"We had a heck of a good quarter and month for stocks beyond what anyone thought," said Stuart Hoffman, chief economist at PNC Financial Services Group
"Now we're having a step backward as some of the QE3-inspired gains dissipate."
The Dow Jones Industrial Average declined 48.84 points, or 0.4%, to 13,437.13, up 4.3% for the third quarter and 2.7% for the month
The S&P 500 declined 6.48 points, or 0.5%, to 1,440.67, up 5.8% for the quarter and 2.4% for September
The Nasdaq Composite lost 20.37 points, or 0.7%, to 3,116.23, leaving it up 6.2% for the quarter and 1.6% for September
September, historically a poor month for Wall Street, this year marked a fourth month of consecutive gains
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