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NEW YORK — Shares started the day higher but turned sharply lower at midmorning as interest rates rose and a rebound in the value of the dollar stalled a rally in commodities.
Early gains in prices for oil and other commodities had pushed up shares of energy and materials companies.
Oil gave up early gains to slide $1.82 to $78.68 per barrel on the New York Mercantile Exchange. That hurt the shares of major oil companies.
Analysts also said some investors are looking to pocket gains after a stock market run that has stretched nearly eight months and brought share prices to their highest levels in a year last week.
Technology shares fared better than other parts of the market after Marvell Technology Group Ltd., which makes chips used in phone networks, raised its fiscal third-quarter revenue forecast. That helped the technology-focused Nasdaq composite index limit its losses.