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US Stocks Fall Sharply Thursday        09/29 09:51

   Stocks fell sharply in morning trading on Wall Street Thursday as bond 
yields marched higher and put the squeeze back on markets.

   NEW YORK (AP) -- Stocks fell sharply in morning trading on Wall Street 
Thursday as bond yields marched higher and put the squeeze back on markets.

   The S&P 500 fell 2.6% as of 10:15 a.m. Eastern. Nearly every stock in the 
benchmark index lost ground. The Dow Jones Industrial Average fell 597 points, 
or 2%, to 29,074 and the Nasdaq fell 3.3%.

   A day before, stocks jumped and bond yields tumbled in relief after the Bank 
of England moved forcefully to keep borrowing rates there from spiking further. 
Wall Street still remains focused on the Federal Reserve and its aggressive 
rate hikes aimed at slowing the economy and cooling the hottest inflation in 
four decades.

   Bond yields jumped. The yield on the 2-year Treasury, which tends to follow 
expectations for Federal Reserve action, fell to 4.23% from 4.14% late 
Wednesday. It is trading at its highest level since 2007. The yield on the 
10-year Treasury, which influences mortgage rates, rose to 3.80% from 3.73%.

   A better-than-expected government report on U.S. layoffs only bolstered 
expectations that the Fed will keep hiking interest rates and investors are 
worried that it could hit the brakes on the economy too hard and cause a 
recession.

   The U.S. economy has already contracted for two consecutive quarters, which 
is one informal measure of a recession. But, the employment market remains 
strong and consumers continue spending. That has helped bolster the economy and 
is making it more difficult to get inflation under control.

 
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