NEW YORK (AP) - Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.

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The Dow Jones industrial average dove more than 350 points, erasing its gains for the year.

The latest sign of weakness in the U.S. economy was a report that the number of first-time claims for unemployment edged only slightly lower last week. It is the latest sign that the job market remains stagnant.

European stocks fell more than 3 percent because of concerns that Italy or Spain may need help from the European Union.

Dow is down 359 points, or 3 percent, to 11,538 in midday trading. The S&P 500 is down 42, or 3.4 percent, to 1,218. The Nasdaq composite is down 94, or 3.5 percent, to 2,598.