US Stocks Plunge, Dow Average Falls to Lowest Level since 1998

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Last updated at: (Beijing Time) Saturday, July 20, 2002

US Stocks Plunge, Dow Average Falls to Lowest Level since 1998

US stocks tumbled Friday with the Dow Jones Industrial Average falling to its lowest level since 1998 amid news of regulatory probes into drug maker Johnson & Johnson.

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US stocks tumbled Friday with the Dow Jones Industrial Average falling to its lowest level since 1998 amid news of regulatory probes into drug maker Johnson & Johnson.

The Dow fell 390.23 points or 4.6 percent to 8019.26, the lowest since October 1998. It dived 442 points in the final minutes of the session, to a point below a support level of 8236, the lows of September 21 - ten days after the September 11 terrorist attacks.

Johnson & Johnson dropped nearly 16 percent to 41.85 US dollarsafter a local media reported that the FDA was investigating a company factory making an anemia drug linked to illnesses in Europe.

Broader stock indicators also declined, with Nasdaq composite down 37.90 points, or 2.79 percent to 1319.05 and the Standard & Poor's 500 down 33.30 or 3.78 percent to 848.26.

The Dow's drop was its seventh biggest, sending the three majorindexes into their ninth straight losing week.

The week has seen the Dow down 7.7 percent, the Nasdaq down 4 percent and the S&P 500 down 8 percent.

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