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The Dow Jones industrial average plunged more than 1,000 points Thursday as a weeklong market swoon continued. The Dow dropped 1,032 points, or 4.1 percent, to 23,860. It's 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a 'correction.'' The Standard and Poor's 500, the benchmark for many index funds, gave up 100 points, or 3.8 percent, to 2,581. It also is 10 percent below the record high it set two weeks ago. The Nasdaq lost 274 points, or 3.9 percent, to 6,777. After huge gains in the first weeks of this year, stocks tumbled Friday after the Labor Department said workers' wages grew at a fast rate in January. That's good for the economy, but investors worried it will hurt corporate profits and that rising wages are a sign of faster inflation. It could prompt the Federal Reserve to raise interest rates at a faster pace, which would act as a brake on the economy. The market didn't get much help Thursday from company earnings reports, several of which disappointed investors. While U.S. companies mostly did well at the end of 2018, a number of them had a weak finish to the year...Read more
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VOA / Wednesday February 7, 2018
Dow Plunges 1,000 Points as Market Swoons Again