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Stocks Drop After Record Highs; Hints Fed Will Raise Rates Sooner

Stocks fell on Monday, with Wall Street retreating from all-time highs, as investors looked to the start of the earnings season and considered whether the Federal Reserve would hike interest rates sooner than expected. The Dow Jones Industrial Average, which closed above 17,000 for the first time on Thursday, finished unofficially 44 points lower. The S&P 500 was down 7 points and the Nasdaq lost 34 points. Several Dow components are slated to release quarterly earnings next week. Goldman Sachs Group moved up its projected timing for the Fed to raise interest rates, forecasting the central bank would increase its benchmark rate in the third quarter of 2015 instead of the first three months of 2016. The Fed is scheduled to release the minutes from its June policy session on Wednesday.

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