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Stocks plunge again Friday

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NEW YORK (AP) ‘ Wall Street plunged again lower Friday amid renewed fears that the financial sector’s troubles with bad credit won’t soon end and that some consumers are buckling under signs of a slowing economy. The Dow Jones industrials finished down nearly 250 points.

The arrival of earnings season has investors worried about how banks and brokerages have fared after suffering losses in the collapse of the subprime mortgage market. Traders appeared to grow more pessimistic ahead of reports next week from the nation’s biggest financial institutions. Merrill Lynch & Co., Citigroup Inc. and JPMorgan Chase & Co. are all slated to weigh in next week.

Adding to investors’ unease, Merrill Lynch might take a $15 billion hit from its exposure to soured subprime mortgage investments, according to The New York Times.

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