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Dow drops 800 after bonds flash warning; worst day of 2019

1 week 2 days 8 hours ago Wednesday, August 14 2019 Aug 14, 2019 August 14, 2019 3:09 PM August 14, 2019 in News
Source: Associated Press
NEW YORK (AP) - The Dow Jones Industrial Average sank 800 points after the bond market flashed a warning sign about a possible recession for the first time since 2007.
  
The yield on the 10-year Treasury briefly dropped below the two-year yield Wednesday, an ominous signal that has predicted past recessions.
  
Investors have been plowing money into long-term U.S. government bonds for months, sending yields sharply lower, as they anticipate slower economic growth.
  
Macy's plunged 13% after slashing its full-year profit forecast.
  
The Dow Jones Industrial Average fell 800 points, or 3%, to 25,479.
  
The S&P 500 lost 85 points, or 2.9%, to 2,840. The Nasdaq lost 242 points, or 3%, 7,773.
  
Bond prices soared. The yield on the 10-year Treasury sank to 1.58% from 1.68% Tuesday, a big move.

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