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Stocks Tumble on Growth, Trade-Tension Pessimism: Markets Wrap

  • Pound strengthen against most currencies after U.K. wage data
  • Oil declines on concerns over China, global economic growth
Bloomberg business news
Bridgewater’s Ray Dalio speaks about interest rates, the debt cycle and taxes during a debate in Davos.Source: Bloomberg
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Stocks fell the most in almost three weeks as rising pessimism that trade tensions with China will persist helped send technology and multinational companies tumbling. Treasuries climbed, oil fell and the yen strengthened.

Chipmakers plunged more than 3 percent, with every member of the Philadelphia Semiconductor Index in the red. Caterpillar and DowDuPont led declines in the Dow Jones Industrial Average of more than 400 points at one point. The S&P 500 briefly pared losses after presidential adviser Lawrence Kudlow said a Financial Times report that the U.S. canceled a preliminary meeting with Chinese officials was untrue.