US stocks drop, attention returns to weak economy

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NEW YORK (AP) — U.S. stocks are skidding at the opening of trading

on worries about the weakening economy.

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The Dow Jones industrial average is down 307 points, or 2.7

percent, to 10,933.

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The Dow gave back much of its gain from Tuesday, when it surged 429

points after the Federal Reserve pledged to keep its key interest

rate at nearly zero into 2013.

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But the Fed’s statement also included a dim outlook on the economy.

It said growth has been “considerably slower” than it expected and

that it anticipates a slower pace of recovery.

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The S&P 500 is down 32, or 2.7 percent, to 1,141 in early

trading. The Nasdaq is down 74, or 3 percent, to 2,409.

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But Treasury issues are rising. The yield on the 10-year Treasury

note fell to 2.15 percent from 2.26 percent late

Tuesday.

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