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Dow Drops By Over 300 Points

Stocks dropped on Thursday as investors grew concerned that lawmakers wouldn’t be able to avert a shutdown and Treasury rates spiked to multiyear highs.

To close at 34,070.42, the Dow Jones Industrial Average lost 370.46 points, or 1.08%. To 4,330, the S&P 500 fell 1.64%. To 13,223.98, the Nasdaq Composite fell 1.82%.

The S&P 500 had its lowest session since March, and all three indices had lost money for the third day in a row. The Nasdaq was expected to decline more than 3%, while the Dow and S&P 500 were expected to conclude the week down more than 1% and 2%, respectively.

The 10-year Treasury yield in the US reached a record high of 4.494%. The rate increased earlier in the day to its highest level since 2007. The most recent driver was the latest weekly jobless claims data, which revealed a continuing robust labour market and may have encouraged the Fed to continue raising interest rates. For the week ending September 16, weekly unemployment claims dropped by 20,000 to 201,000, far fewer than the 225,000 claims predicted by economists surveyed by Dow Jones. Since January, the number of new unemployment claims had never been so low.

The 2-year yield reached a session high of 5.202%, touching levels not seen since 2006.

Source (CNBC)

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