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(Reuters) - The Dow Jones Industrial Average sank more than 2 percent at the open on Wednesday as big U.S. manufacturers, grain merchants and chipmakers bore the brunt of a deepening trade conflict between China and the United States.

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Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 29, 2018. REUTERS/Brendan McDermid

The S&P 500 .SPX opened below its 200-day moving average, a key technical level.

The Dow fell 506.21 points, or 2.11 percent, to 23,527.15. The S&P lost 40.75 points, or 1.56 percent, to 2,573.7. The Nasdaq Composite .IXIC dropped 126.95 points, or 1.83 percent, to 6,814.33.

Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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