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Dow average plunges 318 points as investors fear slower growth and flee emerging markets

Trader Gregory Rowe, center, works on the floor of the New York Stock Exchange Friday, Jan. 24, 2014. (AP Photo/Jason DeCrow)

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Trader Gregory Rowe, center, works on the floor of the New York Stock Exchange Friday, Jan. 24, 2014. (AP Photo/Jason DeCrow)

NEW YORK, N.Y. - The U.S. stock market is swooning as investors fear slower global economic growth.

The Dow Jones industrial average dropped 318 points, nearly 2 per cent, to close at 15,879 Friday, its worst drop since last June.

The Dow is down almost 500 points over the past two days as investors pull out of stocks and emerging markets and stash money in safer assets like bonds.

The Standard & Poor's 500 index fell 38 points, or 2.1 per cent, to 1,790. The Nasdaq composite fell 90 points, or 2.2 per cent, to 4,128.

Small-company stocks fell even more than the rest of the market as investors shunned risk. The Russell 2000 plunged 28 points, or 2.4 per cent, to 1,144.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.73 per cent.

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