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Banks sell off but Wall Street ends far from lows

Reuters
A Wall Street sign is seen in Lower Manhattan in New York, January 20, 2016. REUTERS/Mike Segar/Files

NEW YORK (Reuters) - Bank shares dragged Wall Street lower on Thursday on concerns the a slowing global economy will continue to pressure interest rates, but energy shares helped the market pare losses on a report that OPEC may move to cut oil production.

The Dow Jones industrial average (.DJI) fell 255.24 points, or 1.6 percent, to 15,659.5, the S&P 500 (.SPX) lost 22.91 points, or 1.24 percent, to 1,828.95 and the Nasdaq Composite (.IXIC) dropped 16.76 points, or 0.39 percent, to 4,266.84.

(Reporting by Rodrigo Campos; Editing by Meredith Mazzilli)