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Stock market news today: Stocks slip en route to sharp weekly losses for S&P 500, Nasdaq

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Stocks are facing another rough ride after a global IT outage hit businesses worldwide, with weekly losses in play.

US stocks fell on Friday as worries over a global IT outage calmed, with Wall Street looking for recovery from a sell-off that saw the Dow snap a run of wins and a tech rout continue. The Dow Jones Industrial Average slipped roughly 1%, coming off a drop of over 1% for the blue-chip index. The S&P 500 fell 0.7%, while the tech-heavy Nasdaq Composite declined 0.8%.

In the early hours, investors assessed the potential impact of an "unprecedented" failure in computer systems worldwide that grounded flights and hit banks, telecoms and media companies, among others. But concerns eased after CrowdStrike said a fix was in place for the glitch, a botched update that affected Microsoft-based systems. CrowdStrike shares plunged as much as 20% as the outage spread, but pared losses to around 10% by afternoon trading.

 

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