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Daily Market Wrap: April 3, 2012

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April 03, 2012 AT 4:54 PM
Just one day after a modest rally to kick off the quarter, stocks took a tumble as the Federal Reserve's policymakers appear less likely to take on further quantitative easing. On the economic front, the Commerce Department is reporting a 1.3 percent gain in factory orders in February, which missed economists expectations of a 1.5 percent increase.