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UPDATE: S&P hits new 2011 low as U.S. Dow sinks 258 points

Published 10/03/2011, AP Business Writer

UPDATED 3:57 P.M.
The latest setback in Europe's financial crisis is sending stocks sharply lower. The S&P 500, the benchmark for most U.S. stock funds, slumped to its lowest level of the year.

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