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US Stock Market Sell-Off: Dow Closes Down 531 Points

© AP Photo / Kathy WillensA zipper on the side of One Times Square announces a stock selloff on Wall Street in New York
A zipper on the side of One Times Square announces a stock selloff on Wall Street in New York - Sputnik International
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The Dow Jones plunged more than 500 points on Friday, the 3% drop was caused by global growth concerns accelerated selling pressure.

Giant corporations like Apple, Disney, Netflix, and CBS closed down at 7% driven by fears of low price of oil and the Chinese currency devaluation.

The market has not had a decrease like this since August, 10, 2011 when the index closed 500 points down.

"Right now there is a feeling of fear in the marketplace and all news is interpreted negatively and it's interpreted indiscriminately," said Tom Digenan, head of US equities as UBS Global Asset Management

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