The Dow closed down 165 points (at one point it had been off more than 200). While standard-issue news events generally don't move markets, the day was loaded with icky developments: China's central bank unexpectedly announced that it would raise interest rates for the first time in nearly three years, pressure is being placed on Bank of America to buy sour mortgages from bondholders, and iPad sales fell short of expectations. So the Dow falls below 11,000.
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