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Markets plunge Friday on jitters over earnings, emerging markets

January 24, 2014

U.S. stock indexes plunged for a second consecutive session Friday, with concerns ranging from lackluster corporate earnings to stalled manufacturing in China . In a week that was short on critical economic reports, China's purchasing managers index came in just under 50, indicating contraction. "There's a lack of buyers supporting the market and incremental sellers who are de-risking on the back of the macro developments," Doug Crofton , head of U.S. cash equity trading at Bank of America Merrill Lynch told the Wall Street Journal . After dropping 175 points Thursday, the Dow Jones industrial average gave up 318.24 points Friday, down 1.96 percent, to 15,879.11 -- the largest one-day drop in seven months. The Standard & Poor's 500 lost 38.17 points, 2.09 percent, to reach 1,790.29. The technology-dominated Nasdaq composite index dropped 90.70 points, 2.15 percent, to 4,128.17. On the New York Stock Exchange , 431 stocks advanced and 2,728 declined on a volume of 4.6 billion shares traded. In Japan , the Nikkei 225 index lost 304.33 points, 1.94 percent, to 15,391.56. In Europe , London's FTSE 100 lost 109.54 points, 1.62 percent, to 6,663.74. The 10-year U.S. treasury was yielding 2.72 percent on a gain of 17/32. The euro traded higher at $1.3677 and the dollar was lower against the yen at 102.30 yen . Gold added $6.80 to close at $1,269.30 an ounce on the Comex division of the New York Mercantile Exchange . Silver shed 11 cents to settle at $19.90 an ounce. Crude oil dropped 42 cents to close at $96.90 per barrel on the NYMEX . On the Chicago Board of Trade , March corn was up 0.5 cents to $4.295 per bushel. Soybeans were up 7.5 at $12.845 and winter wheat dropped 4 cent to $5.66 .

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Source: UPI Business News

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