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(Close): Stocks on Wall Street dived after weak US economic data renewed fears over prospects for global growth.

The Dow Jones sank 173.45 points, or 1%, to 16,141.74 at the end of trade.

The S&P 500 dropped 15.21 points to 1,862.49 while the Nasdaq was 11.85 points lower at 4,215.32.

Figures from the Commerce Department showed US retail sales fell by a worse-than-expected 0.3% in September. Weak producer prices also suggested a lack of inflation in the economy.

Labor Department figures showed that prices received by US producers fell 0.1% last month, which was the first drop for more than a year.

Intel shares were among the fallers on the Dow, dropping 2.7%. Morgan Stanley cut its rating on the company to "underweight" a day after the chipmaker reported its third quarter results.

On Tuesday, Intel had reported third quarter net profits of $3.32bn (£2.09bn), up from $2.95bn a year earlier, while sales rose 8% to $14.6bn.

Bank of America shares fell 4.6%. The bank reported net profit for the three months to September of $168m, down from $2.5bn a year earlier. This was due to a multi-billion dollar settlement with US authorities.