FINANCIAL MARKETS : Market Dives as Yields Rise
The Dow Jones industrial average fell more than 100 points Monday, the biggest one-day loss in four years. The decline was sparked by worries that the Federal Reserve Board will not lower interest rates until after a budget agreement is reached in Washington. This and disappointing earnings reports sent bond yields surging. The 30-year Treasury yield rose to its highest level since Nov. 29.
HOW THE MAJOR INDEXES FARED *--*
Percent Index Close change Dow Jones utilities average 222.26 NYSE composite 323.66 -1.52 S&P; 500 606.81 -1.55 Amex major market 536.01 -1.64 Bloomberg SoCal regional 127.18 -1.69 Wilshire 5,000 5,915.97 -1.75 Dow Jones industrial average 5,075.21 -1.96 Russell 2,000 303.72 -2.16 Nasdaq composite 1,002.56 -2.17 Bloomberg California 132.20 -3.03
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30-YEAR T-BOND
The 30-year Treasury yield, every other day since Nov. 22:
Dec. 18, 1995: 6.20%
Source: Bloomberg Business News
* Main story, A1
* Related story, D3