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US stocks plunge on China growth fears

An AFP image shows traders working on the floor of the New York Stock Exchange on September 17th.

US stocks have sharply fallen amid rising concerns over the slowing economic growth in China.

All three stock indexes fell more than 1% in the afternoon on Monday, the first day of trading.

The S&P 500 SPX, dropped 1.4% with the Dow Jones Industrial Average falling about 1.1%.

Meanwhile, the Nasdaq Composite COMP plunged 1.8%.

The stocks shed after the release of weak economic data from China made investors jittery.

Latest figures show that China’s industrial profits in August witnessed an 8.8% year-on-year decrease, giving rise to the concerns that growth in the world’s second-largest economy is slowing faster than expected.

Meanwhile, European stocks also were down, with the Stoxx Europe 600 index closing down 1.2%.


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