Stock Market Closes Down 400

AP February 27, 2007 02:16 PM

Stocks plunged Tuesday, hurtling the Dow Jones industrials down more than 220 points as Wall Street joined a global market decline sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated. In midafternoon trading, the Dow Jones industrial average was down 221.99, or 1.76 percent, to 12,410.27.

The last time the index saw a one-day decline of more than 200 points was May 17, 2006. The Dow is now nearly 3 percent below its record high close of 12,786.64, reached just a week ago.

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