Dow drops about 400 points; Investors await Costco earningsin the rear-view mirror
now. Worries about rising bond yields and a strengthening dollar are dragging down stocks. Meanwhile, investors are keeping watch on a possible government shutdown. The yield on the 10-year U.S. Treasury note has been choppy. It settled Monday at a 16-year high above 4.5%, then rose further today. Rising yields have hurt stocks recently, stoking concerns that they could slow the economy by increasing borrowing costs for businesses and consumers. A stronger dollar, meanwhile, can hurt companies that rely on revenue from outside of the country.
“Dollar up, rates up— that's really all that matters right now,” said Michael Antonelli, market strategist at Baird., which could come within a matter of days, could hurt the U.S.’s credit rating., with declines across sectors. All three major indexes were down more than 1%, with the blue-chip Dow shedding more than 400 points.more than 4% after the Federal Trade Commission filed a lawsuit alleging that the online retail giant wields monopoly power.settled at 4.
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