Slumping Treasury Bond Prices Send Stocks Lower

By: Associated Press Email
By: Associated Press Email

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Wednesday, May 27, 2009

Wall Street has put its rally back on hold as investors worry about rising borrowing costs.

Stocks have erased most of Tuesday's rally as a jump in government bond yields fans worries that higher interest rates will sap strength from the economy before it has a chance to recover.

The benchmark 10-year Treasury note slumped, driving its yield up to 3.72% from 3.55% late Tuesday.

At the close, the Dow Jones industrial average is down 173 to 8,300 after jumping 196 points on Tuesday following an upbeat report on consumer confidence. The S&P 500 index is down 17 to 893, and the Nasdaq composite index is down 19 at 1,731.

Two stocks fell for every one that rose on New York Stock Exchange. Volume was 1.3 billion shares.

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