updated 11/6/2008 12:14:18 PM ET 2008-11-06T17:14:18

Police in Austin, Texas, were looking for two suspects after an early morning shootout in which officers killed a man who they said was firing an AK-47 assault rifle at them.

Police said the shootout happened before dawn after a short pursuit of the vehicle suspected in an earlier shooting that injured two men.

Police Chief Art Acevedo told the Austin American-Statesman that the two men who were shot in the earlier incident were hospitalized in stable condition.

According to police, there were four other people in the car with the suspect who was killed. Acevedo said police had two of them in custody but that the other two remained at large.

Officials said seven schools near the site of the shooting and chase were closed for the day as a precaution.

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