Treasuries, Dollar Sink on Jobs Growth; Dow Swings 416 Points
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Treasuries fell, sending two-year yields up from a record low, and the dollar weakened as stronger-than-forecast jobs growth eased concern the nation will slip into a recession. The Dow Jones Industrial Average swung in a 416-point range before closing up 0.5 percent.
Two-year note yields rose three basis points to 0.29 percent and the Dollar Index, a gauge of the currency against six major peers, lost 0.8 percent to 74.499 as of 4:51 p.m. in New York. The Dow ended with a gain of 60.93 points at 11,444.61 while the Standard & Poor’s 500 Index lost 0.1 percent to an eight-month low of 1,199.38. It slid 7.2 percent over five days, its worst weekly drop since November 2008.