U.S. Stocks Fall, Treasuries Advance on Economy; Dollar Drops
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U.S. stocks fell, sending the Dow Jones Industrial Average to its first close below 10,000 since July 6, and Treasuries rose as concerns about the recovery wiped out early gains in equities after jobless claims dropped.
The Dow lost 0.7 percent to 9,985.81, while the Standard & Poor’s 500 Index slipped 0.8 percent to a seven-week low of 1,047.22 at 4 p.m. in New York. Treasury 10-year notes gained, pushing the yield down 6 basis points to 2.48 percent, after a $29 billion auction of seven-year debt sold at a record-low yield. The dollar depreciated against most major currencies, while oil climbed for a second day.