Dow Jones index falls more than 350 points, erases gains for year

Posted: August 4, 2011 in Economic Crisis

August 4, 2011

NEW YORK — Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.

The Dow Jones industrial average dove more than 350 points, erasing its gains for the year.

The latest sign of weakness in the U.S. economy was a report that the number of first-time claims for unemployment edged only slightly lower last week. It is the latest sign that the job market remains stagnant

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