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Stocks Tumble On Worries About Global Economy

U.S. stocks are plunging amid a global sell-off on worries about the weakening economy.

Traders work on the floor of the New York Stock Exchange on August 15, 2011 in New York City.
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Above: Traders work on the floor of the New York Stock Exchange on August 15, 2011 in New York City.

The Dow Jones industrial average is down 398 points, or 3.5 percent to 11,012 at 11:45 a.m. in New York. It was down as many as 528 points earlier. The S&P 500 is down 44, or 3.7 percent, to1,149. The Nasdaq composite is down 103, or 4.1 percent, to 2,409.

In the U.S., more people joined the unemployment line last week than a week earlier. Consumers were under more pressure from higher gasoline prices. And manufacturing activity in the Philadelphia region unexpectedly weakened. In Europe, bank stocks fell on worries about the region's debt problems. In Asia, Japan's exports fell for the fifth straight month.

Asian and European markets also tumbled.

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