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NEW YORK (AP) — Stocks fell for the eighth straight day Wednesday as worries about the economy deepen. The S&P 500 index was headed for its longest losing streak since the peak of the financial crisis in October 2008.
Investors are growing increasingly concerned about the economy. Shortly after the market opened, the Institute of Supply Management said its index measuring the service sector of the U.S. economy grew at the weakest pace in 17 months in July. Economists had expected a slight increase.
The report was the latest sign that the U.S. economy may be slowing. Over the last week, investors have reacted to reports that consumers are cutting back spending, a slowdown in manufacturing, and that the U.S. economy did not grow as much as previously thought in the first three months of the year.
The Dow Jones industrial average lost 129 points, or 1.1 percent, to 11,738 in late morning trading. The S&P 500 was down 17 points, or 1.3 percent, to 1,236. The Nasdaq composite fell 41, 1.6 percent, to 2,626.
The yield on the 10-year Treasury note fell to another low for the year of 2.57 percent, from 2.62 percent Tuesday, as investors moved money into assets that hold up better during economic downturns. Gold, another traditional safe haven, rose nearly 2 percent to $1,671 an ounce.
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