(CBS) — Stocks plunged on Wall Street Friday as soft economic data and global growth concerns put traders in a selling mood.

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The Dow Jones industrial average lost 163, the S&P 500 dropped 22 and the NASDAQ shed 58 points, settling to 5,088.

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“We got some pretty disappointing news from China on the manufacturing front, and I think the market continues to dwell on this concern that the global economy appears to be slowing,” says Jack Ablin, Chief Investment Officer at BMO Private Bank.

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He adds European and Japanese stocks are the best value in equities right now.