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Rising Interest Rates Push Stocks Lower

Dow ends day down 200
By Newser Editors and Wire Services
Posted Oct 4, 2018 3:21 PM CDT
In this Tuesday, Oct. 2, 2018, file photo Tommy Kalikas, right, works with fellow traders on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Global stocks are closing lower Thursday as interest rates in the US continued to rise, the AP reports. Internet and technology companies took some of the worst losses. The yield on the 10-year Treasury note rose further after hitting a seven-year high on Wednesday. Google parent company Alphabet slumped 2.8%, its biggest drop since late April. Microsoft fell 2.1%. The S&P 500 fell 23 points, or 0.8%, to 2,901. The Dow Jones Industrial Average lost 200 points, or 0.7%, to 26,627. The Nasdaq composite shed 145 points, or 1.8%, to 7,879. The yield on the 10-year Treasury note rose to 3.19%. Stocks in Europe and Asia also declined and overseas government bond yields rose. (Read more stock market stories.)

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