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Market sags on questions about valuation

August 16, 2009

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US stocks fell for the first time in five weeks amid concern they have become too expensive, after at least one analyst said banks are rallying on ‘fumes’ and consumer confidence unexpectedly decreased. The Reuters/University of Michigan index fell to 63.2 this month, the lowest since March. Economists had expected the index to rise to 69, from 66 in July.