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Energy stocks were also big losers after the price of crude oil fell again. Benchmark U.S. crude lost 55 cents a barrel to $79.21, continuing a slump that has brought the price down from $110 in late February. Exxon Mobil fell 87 cents to $81.24. Energy prices have been falling as traders anticipate that slower growth in China and the crisis in Europe will drag down global economic growth and decrease demand for energy. European markets closed sharply lower. Stocks dropped 4 percent in Italy and 2 percent in both France and Germany. Shares of European banks, including Spain's Banco Santander SA and Deutsche Bank AG, sank. Borrowing costs rose for Spain and Italy, a sign of skepticism that those countries will be able to pay their debts. The yield on Spain's 10-year government bond rose 0.16 percentage point to 6.58 percent. Last week the yield hit 7.18 percent, the highest since the country started using the euro. Among other stocks making big moves Monday: Teva Pharmaceutical Industries gained 4 percent after the drugmaker said a federal court reaffirmed patents protecting its multiple sclerosis treatment Copaxone. The stock jumped $1.71 to $39.72. Chesapeake Energy dropped 8 percent. Reuters reported that the company colluded with a Canadian rival to suppress land prices in areas that were considered rich in oil and natural gas. The stock lost $1.58 to $17.03. Pfizer and Bristol-Myers Squibb both sank after federal regulators delayed approving their highly touted blood-thinning drug, Eliquis. Bristol-Myers's stock dropped 3 percent, or $1.23, to $34.13. Pfizer's fell 1 percent, or 26 cents, to $22.47.
[Associated
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