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Dow down 163 points

UNITED States stocks plunged in early trading on fears that the fallout from credit losses and mortgage defaults will hurt economic growth.

After two hours of trading, the Dow Jones Industrial Average was down 163.14 points or 1.2 per cent at 12,847.

The Standard & Poor’s 500 Index fell by 20.3 points, or 1.4 per cent to 1,419.11 while the Nasdaq Composite Index shed 45.99 points or 1.7 per cent to 2,550.82.

Stocks extended losses after data showing consumer sentiment fell this month to its lowest in two years.

US Treasury Secretary Henry Paulson’s remarks that the number of potential home-loan defaults will be significantly bigger next year also dampened sentiments.

Source: REUTERS (The Straits Times 22 Nov 07)

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