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You're looking at a few hundred points on the Dow, which is bad but not a disaster. The big question is what happens after that. "If trading opens with everyone racing for the exits, capitulation selling could finally show up," Art Cashin, director of floor operations for UBS, said in his morning notes (CNBC). That suggests a bounceback, but no one is betting the house on it.

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6:50 PM Thu | Largest crowd for a Walk of Fame star ceremony that many could remember, outside the Capitol Records tower on Thursday. Photo by Gary Leonard.