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US stocks dive on Dubai financial problems

NEW YORK — US stocks dived Friday as investors confronted the fallout from Dubai's debt problems that have rocked global markets.

The Dow Jones Industrial Average plunged 183.35 points (1.75 percent) to 10,281.05 at 1500 GMT.

The tech-heavy Nasdaq composite slid 44.40 points (2.04 percent) to 2,131.65 and the broad-market Standard & Poor's 500 retreated 22.52 points (2.03 percent) to 1,088.11.

"The Dubai debt debacle will dominate trading today, overshadowing news flowing out of the retail sector regarding Black Friday -- the first major barometer of holiday consumer spending," analysts said in a client note.

Wall Street was closed Thursday for the Thanksgiving Day holiday, when Asian and European markets tumbled on news that Dubai World, the city state's flagship conglomerate, is seeking a six-month moratorium on repayment of 59 billion dollars in debts.
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