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New York share prices tumbled Tuesday, sending equity markets reeling around the world. After charging ahead in record territory for months, the steep corrections of U.S. indexes have come as no surprise.

There appears to be a good chance that global equity markets will remain in a corrective phase for some time. Wall Street’s Dow Jones industrial average could drop 1,000 points, or nearly 10 percent, by the end of this month or shortly afterward.

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