NEW YORK (AP) - A dismal report on retail spending in the U.S. and signs of slowing global growth drove stocks lower and sent yields on government bonds plunging as investors sought safety.
U.S. stocks fell from the start of trading on a report that consumers pulled back on spending last month and on a slump in European markets. At one point, the Dow Jones industrial average shed nearly 350 points.
Investors dumped some key commodities on fears global growth is stalling, pushing the price of copper to a five-year low, and they piled into German, British and U.S. government bonds. The yield on the 30-year U.S. Treasury fell to its lowest on record.
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