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Dow slumps more than 1,000 points as traders digest Fed rate rise
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US stocks fell sharply, led by technology and other growth stocks, as investors assessed the implications of Federal Reserve’s most aggressive tightening of monetary policy in more than two decades.
The S&P 500 dropped 3.7% as losses accelerated in midday trading Thursday. The tech-focused Nasdaq Composite Index fell 4.9%, and the Dow Jones Industrial Average retreated 3.2%, or 1,080 points. All three indexes are on track to erase Wednesday’s gains.
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