Dow drops nearly 400 points on global jitters

Dow drops nearly 400 points on global jitters
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The U.S. stock market suffered heavy losses Friday as the Dow Jones industrial average fell by more than 500 points in mid-day trading, ending the day with a 395-point drop.

The S&P 500 at one point fell 3.5 percent, and the Nasdaq dropped more than 4 percent.

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It's been a treacherous January for the stock market. The latest losses were spurred by the lowest crude oil prices in decades, disappointing December retail sales and concerns about slowdowns in international economic growth, according to The Associated Press.

Other worries for investors include a third consecutive month of dropping U.S. industrial production and weak Chinese economic growth.

A plunging stock market could quickly become an issue on the campaign trail. President Obama touted the nation's economic recovery during his final State of the Union address on Tuesday, but critics say those gains haven't reached most Americans.

“The United States of America, right now, has the strongest, most durable economy in the world,” Obama said in his speech. “Anyone claiming that America’s economy is in decline is peddling fiction.”

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Updated at 4:07 p.m.