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Global growth worries, J&J's tumble drag Wall St. lower

U.S. stocks slumped on Friday as weak data from China and Europe stoked fears of a global economic slowdown, while Johnson & Johnson slid after Reuters reported the company knew for decades that asbestos lurked in its Baby Powder.

U.S. consumer spending strengthening in boost to economy

U.S. consumer spending gathered momentum in November as households bought furniture, electronics and a range of other goods, which could further allay fears of a significant slowdown in the American economy even as the outlook overseas continued to darken.

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