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Investors wipe $55bn off market

THE Australian stock market closed down 4.3 per cent on Tuesday, losing about $55 billion in value, as investors fled most sectors after the US Congress voted down a $US700 billion bailout package for US financial firms. But the decline was not as bad as expected, with the major indices recovering some early losses after the Federal Government reassured Australians the nation could weather the financial storm in the US

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