Slow Global Growth Causes Drop in Market

Comstock/Thinkstock(NEW YORK) -- Concerns about slower global growth are a negative for the stock market. The Dow, S&P, and other averages had their biggest one day drops since November Thursday. Energy and raw materials stocks were among the biggest losers as the Dow Jones index dipped below 12,000 for a time Thursday morning.

In other economic news, AOL plans to cut 900 jobs worldwide, 200 in the U.S. This follows AOL's recent purchase of Huffington Post.com.

The labor department says unemployment benefit claims rose last week by 26,000 to 397,000. The increase comes after the total hit its lowest level in 3 years the week before.

Cattle futures have soared to all-time highs this year as export demand for American beef is up, and supply may drop later this year.

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AOL Buys Huffington Post in Effort to Expand News Gathering

Co-founder of The Huffington Post, Arianna Huffington. Photo Courtesy - Getty Images(NEW YORK) -- In the company's largest acquisition since it split from Time Warner in 2009, AOL Sunday inked a deal with The Huffington Post to buy the online media giant for $315 million.

The merger will make cable talk show pundit and Huffington Post co-founder Arianna Huffington the president and editor-in-chief of the new Huffington Post Media Group. The move is part of AOL Chief Executive Tim Armstrong's vision to expand news gathering and content creation.

“The reason AOL is acquiring The Huffington Post is because we are absolutely passionate, big believers in the future of the Internet, big believers in the future of content,” Armstrong said in an interview.

Together, the content created by the merger is expected to reach around 100 million visitors every month

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