Traders Kevin Walsh, left, and Luigi Muccitelli work on the floor of the New York Stock Exchange Monday, Jan. 27, 2014. (AP Photo/Richard Drew)
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Wall Street falls on emerging market fearsEmerging market equities posted their largest drop in almost seven months Monday to lead a global stocks sell-off, while Wall Street pared early gains as sentiment continued to sour.The Turkish lira edged back from record lows, however, after the central bank announced an emergency policy meeting, raising market hopes that it would ignore political pressure and implement a decisive rate hike to protect its currency.The Standard & Poor's 500 Index was down 12.00 points, or 0.67 percent, at 1,778.29 .MSCI's world equity index fell 1.1 percent and the FTSEurofirst 300 index of top European stocks was down 0.8 percent.The peso weakened 4 percent on the black market to 12 per U.S. dollar on Monday, while the official exchange rate was little changed at 8 per dollar.The safe-haven yen hit a seven-week high of 101.77 per dollar before paring its gains.
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