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Wall Street tumbles as tech rally loses steam, economic data weighs

The spread of the coronavirus disease (COVID-19) in New York

(Reuters) – Wall Street posted sharp declines on Thursday, with the tech-heavy Nasdaq sliding more than 5% as investors dumped high-flying technology-focused stocks, while economic data raised fears about a difficult and long recovery.

At 11:24 a.m. ET, the Dow Jones Industrial Average was down 718.29 points, or 2.47%, at 28,382.21, the S&P 500 was down 116.23 points, or 3.25%, at 3,464.61, and the Nasdaq Composite was down 568.67 points, or 4.72%, at 11,487.77.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shinjini Ganguli)

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