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Updated from 9:46 a.m. EDT
Following precipitous declines in the major world indices, stocks on Wall Street were taking heavy losses Friday, as forced liquidations continued and fear of a global economic slowdown intensified.
The Dow Jones Industrial Average was down 412 points at 8280, and the S&P 500 gave back 46 points to 862. The Nasdaq tumbled 69 points to 1535.
Michael Strauss, chief economist and strategist at Commonfund, said that liquidations by funds needing quick capital took place overnight and contributed to a selloff in world markets. An unwinding of carry trades in the foreign exchange market played in to those declines, he said. ...
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