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US stocks slump again, continuing a global downturn as investors flee emerging markets

NEW YORK, N.Y. - U.S. stocks are sharply lower as investors dump risky assets and pull money out of emerging markets.

The Dow Jones industrial average fell 183 points, or 1.1 per cent, to 16,014 at midday Friday. It fell 176 points the day before.

Overseas market also fell. Investors are worried about sharp drops emerging markets including Argentina, Turkey, Russia and South Africa. The global rout began a day earlier following signs that manufacturing was contracting in China.

The Standard & Poor's 500 index fell 25 points, or 1.4 per cent, to 1,803. The Nasdaq composite fell 70 points, or 1.7 per cent, to 4,148.

Bond prices rose as investors moved money into lower-risk assets. The yield on the 10-year Treasury note fell to 2.73 per cent from 2.78 per cent.

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