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Global stocks had risen earlier in the month as the U.S. Federal Reserve and other monetary authorities came up with measures to boost growth. But the overnight fall in the U.S., echoed in Asia in morning trading, meant people reversing course. Partly behind the drop was a speech Tuesday by Charles Plosser, president of the Fed's Philadelphia branch of the Federal Reserve, that had said the Fed's effort to support the economy would likely fall short of its goals. Overnight, the Standard & Poor's 500 index lost 1.05 percent, its fourth straight decline, while the Dow Jones industrial average lost 101.37 points to close at 13,457.55. In currency trading, the dollar inched up to 77.78 yen early Wednesday from 77.70 yen.
[Associated
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