Should The Street Be Freaked Out?
Call it interest-rate shock. Mar. 8: A stunningly strong employment report triggers a massive sell-off in bonds, driving up the yield on the long-term U.S. government bond a quarter-point, to 6.71%, and dragging the Dow Jones industrials down 171 points. Mar. 11: Rates fall on the next trading day, and the Dow recoups 111. Mar. 12: Bonds sink anew, yields rise to 6.66%, and stocks swoon.
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