FILE - Traders work on the floor at the New York Stock Exchange in New York, Friday, June 2, 2023. – World shares were mixed on Wednesday after a sharp decline on Wall Street that took benchmarks back to where they were in June.Germany's DAX edged 0.1% lower to 15,241.78 and the CAC 40 in Paris was up 0.1% at 7,082.75. In London, the FTSE 100 shed 0.1% to 7,621.77.On Tuesday, the S&P 500 tumbled 1.5% and the Dow industrials fell 1.1% . The Nasdaq composite lost 1.6%.
Evergrande's Hong Kong-traded shares plunged 19% following an unconfirmed report by Bloomberg that Chinese police have put its founder, Hui Ka Yan, under residential surveillance. Shares in Country Garden Holdings, another debt-encumbered developer, were down 3.3%. On Tuesday, the S&P 500 tumbled 1.5% for its fifth loss in six days, closing at 4,273.53. The Dow Jones Industrial Average fell 1.1% to 33,618.88, and the Nasdaq composite lost 1.6% to 13,063.61.
The yield on the 10-year Treasury edged up to 4.55% from 4.54% late Monday. It is near its highest level since 2007 and up sharply from about 3.50% in May and from 0.50% about three years ago.was weaker than economists expected. That's concerning because strong spending by U.S. households has been a bulwark keeping the economy out of a long-predicted recession.
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