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Dow falls 230 points, stocks drop as Treasury yields climbs above 4%

Clyde Edgerton by Clyde Edgerton
July 27, 2023
in Markets
Dow falls 230 points, stocks drop as Treasury yields climbs above 4%
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U.S. stocks were heading lower in the final hour of trade Thursday as long-term Treasury rates shot above 4% and a surprisingly resilient U.S. economy ramped up concerns of the Federal Reserve needing to keep rates higher for longer to contain inflation.

The Dow Jones Industrial Average
DJIA,
-0.67%
was down about 223 points, or 0.6%, to about 35,298, according to FactSet data. The S&P 500 index
SPX,
-0.64%
was 0.5% lower and the Nasdaq Composite Index
COMP,
-0.55%
was off 0.4%, at last check.

“The entire advance in the stock market was a recession is going to happen and the Fed is going to lower rates,” said Kent Engelke, chief economic strategist at Capitol Securities Management, in a phone interview. But second-quarter GDP data sped up to 2.4% on a yearly basis compared with 2% growth in the quarter ended in March, according to a Thursday update.

Fed Chair Jerome Powell also said Wednesday that Fed staff view a U.S. recession as avoidable, in a press conference after the central bank bumped up its policy rate to the highest level in 22 years.

Investors on Thursday also were focused on a report indicated that Japan may be looking to throw in the towel on its policy of yield curve control, or keeping borrowing rates in check. Yields in the 10-year Treasury
TMUBMUSD10Y,
4.000%
and 30-year note
TMUBMUSD30Y,
4.043%
were both shooting higher, above 4%, at last check, according to FactSet.



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