World markets tumble as investors fret over US recovery

By ASSOCIATED PRESS
August 12, 2010 00:14

 
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LONDON — World markets tumbled Wednesday as investors fretted about the US economic recovery after a downbeat set of trade figures and a warning from the Federal Reserve that growth was slowing.

The dollar however enjoyed one of its best days in weeks against the euro as investors sought out the sanctuary of the US currency.

However Wall Street suffered vary sharp losses with the Dow Jones industrial average down 224.32 points around midday New York time while the broader Standard & Poor's 500 index slid 27.75 points.

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