(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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