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Stocks plunge as debt talks near collapse

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NEW YORK (AP) -- Stocks are plunging at midday after Congress' latest bid to resolve the federal budget gridlock appeared to fail.

The Dow Jones industrial average is down 327 points, or 2.8 percent, at 11,469 shortly before noon Eastern. The Standard & Poor's 500 index is down 31, or 2.5 percent, at 1,185. The Nasdaq composite index is down 67, or 2.6 percent, at 2,506.

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