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Oil falls below $47

December 02, 2008

A sharp drop in crude oil futures has brought the price of a barrel of oil near $47, more than $100 off the record high set in July. The Dow rallied 270 points to 8,419. The S&P 500 rose 32 points to 848. The Nasdaq climbed 51 points to 1,449. Conway Gittens reports from New York.