FILE- In this Oct. 11, 2018, file photo trader Peter Mazza, left, works with trader Daniel Trimble on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
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U.S. stocks sank more than 1 percent Thursday as weak industrial earnings raised worries about rising expenses and the impact of tariffs, adding to concerns over higher borrowing costs after hawkish commentary in the Federal Reserve's minutes.Profits at S&P 500 companies are expected to have risen 22 percent in the third quarter, slower than the previous two quarters, according to I/B/E/S Refinitiv.At 1:02 a.m. EDT time, the Dow Jones Industrial Average was down 280.57 points, or 1.09 percent, at 25,426.11, the S&P 500 was down 31.60 points, or 1.12 percent, at 2,777.61 and the Nasdaq Composite was down 127.39 points, or 1.67 percent, at 7,515.32 .The S&P index recorded five new 52-week highs and 25 new lows, while the Nasdaq recorded 12 new highs and 76 new lows.
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