Retailer slump sinks Dow 733 points

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“Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away,” he said. “Economic activity had been decelerating even before the recent intensification of the crisis,” and prospects for most sectors has worsened in the past month.

c Kara Rowland contributed to this article in New York.

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