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Digest
416-point Dow drop dashes rally fever
By TIMES WIRES
Published February 28, 2007
What happened? Chinese stocks fell 9 percent and the impact reverberated throughout world markets. All 30 stocks that make up the Dow index declined. The Standard & Poor's 500 Index dropped 50.33 points, or 3.5 percent, to 1,399.04. And the Nasdaq composite index dropped 96.66 points, or 3.9 percent, to 2,407.86. What does it mean? Lots of investors are feeling jittery today as recent stock optimism sustained a sharp blow. In addition to uncertainties about China, there are concerns that U.S. growth might be slowing more than expected. The market drop also signaled a possible correction after a long period of stable and steadily rising stock markets. However, there is no consensus. Others say the outlook is positive and investors should stay the course. Stocks had their worst day of trading since the Sept. 11, 2001, terrorist attacks Tuesday, hurtling the Dow Jones industrials down more than 400 points on a worldwide tide of concern that the U.S. and Chinese economies are stumbling and that share prices are overinflated. It was the seventh worst day in Dow history in points, but only a 3.3-percent decline.
[Last modified February 28, 2007, 01:17:10]
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