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Global fears propel stock market slide

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By Stephen Bernard

NEW YORK (AP) — The Dow Jones industrials plunged below 10,000 Tuesday after traders dumped stocks on worries about the global economy and tensions between North and South Korea.

The Dow fell about 190 points in late morning trading. It has fallen 1,346 points, or more than 12 percent, from its recent high of 11,205, reached April 26. The Dow and broader stock indexes all fell about 2 percent.

Investors also exited the euro and commodities including oil and again sought safety in Treasurys. That drove interest rates lower. The benchmark 10-year note's yield fell to its lowest level since April 2009.

World stock markets also tumbled.

A disappointing report on U.S. home prices added to a downcast mood among many traders. The Standard & Poor's/Case-Shiller 20-city home price index fell 0.5 percent in March from February, a sign that the housing market remains weak even as mortgage rates are still near historic lows. There are concerns that last month's expiration of the government's home buyer tax credit will hurt sales in the coming months.

A better-than-expected report on consumer confidence had no lasting effect on trading. The Conference Board's consumer confidence index rose for the third straight month, climbing to 63.3 in May from 57.7 last month.


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