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Stocks slip on global stock sell-off

Specialist Vincent Surace works on the floor of

Specialist Vincent Surace works on the floor of the NYSE on Friday. (Jan. 24, 2014) Credit: AP

Shaky economies and plunging currencies in the developing world fueled a global sell-off in stocks Monday as fearful investors pushed prices lower across Asia and Europe.

In the United States and other rich countries with healthier economies, investors also retreated, although the selling was more modest.

The Dow Jones industrial average slipped 41.23 points to 15,837.88. The Standard & Poor's 500 index fell 0.49 percent to 1,781.56. The tech-heavy Nasdaq composite was down 1.08 percent to 4,083.61.

Losses in the United States eased Monday after a recovery in the battered currency of Turkey, one of the flash points of emerging market troubles. The Turkish central bank said it would hold an emergency policy meeting, raising hopes it will shore up the currency.

Other emerging market currencies continued to weaken against the dollar, including the South African rand and the Russian ruble, each down another 0.3 percent against the dollar.

Helping investor spirits in the United States are decent corporate earnings. Caterpillar Inc. rose $5.12 to $91.29 after the earth-moving equipment maker reported fourth-quarter net income that easily beat analysts' estimates. -- AP

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