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NBC News Special Report: Stock Market Plunge

02:29

The Dow Jones industrial average plunged more than 500 points, the first time since August 2011 that it has taken such a steep fall in a single day. NBC News' Harry Smith reports. It also reached a 10 percent decline from its all-time high — the definition of a market correction. That has not happened in four years. Just after the market close, the Dow was down 528 points at 16,462. The average has lost more than 1,100 points in August alone.