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New York Report: Dow plunges 317 points
WALL Street tanked yesterday as economic data sparked concern that the Federal Reserve could raise interest rates sooner than some have expected. Global concerns such as Argentina’s default, also weighed heavily on the market.
The Dow Jones Industrial Average fell 317 points, or 1.9 per cent, to 1,6563 and the S&P 500 tumbled 39.7 points, or two per cent, to 1,931. The Nasdaq Composite dropped 93.1 points, or 2.1 per cent, to 4,370.
Yum! Brands, the conglomerate behind KFC, Taco Bell and Pizza Hut, warned that the tainted meat scandal in China could hurt its profits for the year. The stock dropped five per cent to $69.40.
Exxon Mobil fell 4.2 per cent to $98.94 after its second-quarter earnings rose 28 per cent but production declined.