Executives of U.S. stock markets agreed during a conference call Monday to a proposal to close for the day if the Dow Jones industrial average falls 10% after 2:30 p.m. New York time or 20% at any time.

The proposed change, crafted by New York Stock Exchange staff, is to be submitted to the NYSE board Feb. 5.

"The rationale is that, at the point circuit breakers are triggered, enough damage has been done to the market," said Philadelphia Stock Exchange chairman Lee Korins."It's probably best at that point that we take a step back and look at the market."

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