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New York, NY - Wall Street Slumps Amid Global Recession Fears

Published on: October 1, 2011 10:25 PM
By: AP
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New York ,NY - US stocks dropped more than two per cent on Friday as signs of slower growth spanning China, Europe and the United States, and the ongoing Greek crisis, hung darkly over the markets.

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At the end of the worst quarter for global markets since 2008, the Dow Jones Industrial Average closed down 240.66 points (2.16 per cent) at 10,913.38.

The S&P 500 dropped 28.98 (2.50 per cent) to 1131.42, and the tech-heavy Nasdaq fell 65.36 points (2.63 per cent) to 2415.40.

Stocks took a hit ``amid growing concerns about a global recession following a third-consecutive month of contraction in manufacturing activity in China and disappointing data in Europe’‘, said broker Charles Schwab.

US Commerce Department figures pointed to weakening consumer power as incomes fell by 0.1 per cent in August for the first time in nearly two years, even as prices for goods picked up.



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