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Congress wants review of market plunge

WASHINGTON — Congress wants answers to the sudden stock market plunge Thursday and is pressing government regulators to undertake a thorough review to ensure that high technology trading is well monitored.

In the Senate, Democratic Sens. Ted Kaufman of Delaware and Mark Warner of Virginia are working today with Senate Banking Committee members to address Thursday's 1,000-point market swing in a pending financial regulation bill.

They want the Securities and Exchange Commission and the Commodity Futures Trading Commission to recommend how to avert the technological glitch suspected of precipitating the plunge.

In the House, Democratic Rep. Paul Kanjorski of Pennsylvania has called for a hearing Tuesday of a House subcommittee to examine the causes of the sudden market drop.

President Barack Obama also said today that regulatory authorities are looking into Thursday's wild swing with an eye toward protecting investors and preventing something like that from happening again.

A computerized sell-off sent the Dow Jones industrial average plummeting by a near-record 1,000 points within about a half-hour Thursday afternoon. Fear that the European debt crisis could spread was a factor.

The market regained two-thirds of that loss before the end of trading.

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