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North American stocks dropped sharply on Friday as a selloff in emerging market assets fed through to wholesale pullbacks in equities, with the Dow falling more than 300 points, the S&P 500 posting its worst week since June 2012 and the Toronto stock exchange plunging more than 200 points.

[np_storybar title=”The stock market correction is here, strategist says” link=”http://business.financialpost.com/2014/01/24/the-correction-is-here-strategist-says/”]The correction many have been waiting for appears to have arrived, according to Tony Dwyer, U.S. portfolio strategist at Canaccord Genuity. Read his explanation.

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The S&P/TSX composite index dropped 215.21 points to 13,717.76 in a broad-based sell-off.

The Canadian dollar was ahead 0.21 of a cent to 90.31 cents US as Statistics Canada said the annual inflation rate rose to 1.2% in December, compared with 0.9% in November, largely because of higher gasoline prices.