Stocks point lower after biggest drop in a year

By ASSOCIATED PRESS
May 21, 2010 22:15

 
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NEW YORK — Futures pointed to further selling Friday after major stock  indexes posted their biggest drop in more than a year and pushed the market to "correction" mode.

World markets have been falling on concerns that European debt problems will upend a global rebound. The Dow Jones industrials tumbled 376 points Thursday. The Dow and broader indexes are now in correction territory by having dropped more than 10 percent from their 2010 highs last month.

Dow futures fell 103, or 1 percent, to 9,953. Standard & Poor's 500 index futures fell 11.60, or 1.1 percent, to 1,058.40. Nasdaq 100 index futures fell 17.50, or 1 percent, to 1,783.00.

Bond prices rose, extending Thursday's gains when investors dumped anything seen as risky, including stocks and commodities. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.18 percent from 3.22 percent late Thursday.

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