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Stock market drops as investors fret over budget fight

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The Dow Jones industrial average dropped 185.46 points, or 1.2 percent, to close at 15,451.09 — 225 points below its all-time closing high reached Wednesday after the Fed's announcement.

The Standard & Poor's 500 index fell 12.43 points, or 0.7 percent, to 1,709.91. The Nasdaq composite fell 14.66 points, or 0.4 percent, to 3,774.73.

All 10 industry groups in the S&P 500 fell, led lower by telecom companies and utilities. The S&P also fell on Thursday, making this its first two-day decline in almost three weeks.

Until now, September defied the worriers. The stock market has bounced backed from an August swoon, despite a calendar loaded with potential rally killers.

Fears of a conflict with Syria have faded, and Wall Street cheered when Larry Summers withdrew his name as a candidate to replace Federal Reserve chairman Ben Bernanke.

Summers, a former Treasury secretary, was viewed as being more likely to rein in the Fed's massive stimulus program, which has kept interest rates low and boosted corporate profits.

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