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US stocks fall on global growth concerns

New York - Sharp falls by blue chips Boeing and Hewlett-Packard on Thursday helped give US stocks their worst day so far this month, amid more signs of weak growth in major economies.

The Dow Jones Industrial Average finished down 115.30 points at 13,057.46.

The broader S&P 500 index lost 11.41 points to 1,402.08, while the tech-rich Nasdaq shed 20.27 to 3,053.40.

Poor industry-related data from China and the eurozone released on Thursday increased concerns about the slowdown in the global economy.

After Wednesday's release of minutes from the Federal Reserve's latest policy meeting showing US central bankers worried about slowing growth, HSBC said its monthly measure of China's manufacturing activity fell to a nine-month low in August.

In Europe, the Markit purchasing managers index showed private business across the eurozone scoring a seventh consecutive monthly decline in August, and analysts warned that the single-currency area is at the tipping point toward a prolonged recession.

"Global stock markets have improved the past two months on reduced risks in the credit markets due in part to expectations of central bank action. That makes sense. But to continue to ignore the worsening economic data from around the world is almost mind-boggling," said Dick Green of Briefing.com.

Hewlett-Packard shares sank another 8.1% after Wednesday's 3.7% loss, on worries about the strength of the PC market.

Boeing lost 3.4% after struggling Australian flag carrier Qantas Airways cancelled orders for 35 787 aircraft.

Also pulling the Dow down was chip maker Intel, whose shares gave up 2.7%.

Kraft Foods beat the trend, rising 0.7% for the day.

On the Nasdaq, Dell fell 3.8% and Microsoft and Apple shares both lost 0.9% while Facebook was unchanged.

Bond prices continued to surge in the wake of the strong hints at new stimulus contained in the Fed minutes release Wednesday.

The yield on the 10-year Treasury fell to 1.67%, down from 1.72% on Wednesday. The 30-year yield fell to 2.79% from 2.83%. Bond yields move inversely to prices.


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