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Closing Bell: Morgan Stanley to Cut Jobs; Stocks Slump to Low

Stocks closed at session lows in which oil fell to new multi-year lows and the Federal Reserve raised interest rates for the first time in nearly a decade.

Stocks closed at session lows to end a volatile week in which oil fell to new multi-year lows and the Federal Reserve raised interest rates for the first time in nearly a decade. Crude oil closed with its third straight weekly loss after a weekly count of active rigs increased for the first time in five weeks. Data from Baker Hughes showed the number of oil-drilling rigs in the U.S. increase by 17. Morgan Stanley (MS) is reportedly planning to undergo a number of job cuts. The bank plans to cut 5% of its stock-trading staff by the beginning of next year. The layoffs will affect around 100 employees. CarMax (KMX) tumbled after weaker quarterly sales showed consumers opting for new cars rather than used.

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