Stocks Drop On China Concerns, J&J Sinks

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KELO Stock Market Wall Street

Stocks are falling sharply on Wall Street on new concerns about slowing growth in China’s economic engine and disarray surrounding plans for Britain to exit the European Union.
    
Johnson & Johnson plunged 10 percent in heavy trading Friday after Reuters reported that the company has known since the 1970s that its talc sometimes contained asbestos, a charge the company denies.
    
The losses pushed the S&P 500 and the Dow Jones Industrial Average further into the red for the year.
    
The S&P 500 index fell 53 points, or 2 percent, to 2,579. It’s on track for its lowest close since April.
    
The Dow shed 543 points, or 2.2 percent, to 24,145. The Nasdaq composite skidded 149 points, or 2.1 percent, to 6,921.
    
 

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