Nasdaq plunges more than 3%; Dow sinks 2%

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New York (AFP)

US stocks plunged in afternoon trade led by tech shares Wednesday as a key oil stockpiles report and the Federal Reserve's Beige Book suggested sluggish US economic growth.

At about 1945 GMT the Nasdaq Composite was down 3.4 percent and the S&P 500 2.5 percent, while the blue-chip Dow Jones Industrial Average lost 2.0 percent.