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Wall Street selloff cuts short global market rally

After the S&P 500 added 2.51 percent, caution took hold, especially after a report signalled more tightening in the jobs market -- a key determinant for a Fed rate increaseA late selloff on Wall Street cut short a strong global rally in stocks Wednesday as concerns turned to the possibility that the Federal Reserve will raise interest rates next week. Economists had generally decided the Fed would not be ready to launch into a long-awaited series of rate increases beginning at its policy meeting next week, given the recent turbulence in global financial markets. The Federal Reserve has repeatedly put off its first rate hike in nine years because there were no signs that the employment sector was tightening — which would tend to spur inflation.

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