Dow skids by 200 points, Nasdaq falls 1.4% early Monday as 10-year Treasury yield jumps to around highest in a year

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Stock benchmarks on Monday headed lower as rising bond yields stoked worries that equities, particularly highflying tech shares, have grown too expensive. The 10-year Treasury yield note was flirting with a rate of about 1.40%, raising worries that higher borrowing costs will derail the mostly bullish recovery for the equity market from the COVID-19 pandemic. The Dow Jones Industrial Average was trading 190 points, or 0.6%, lower at 31,301, the S&P 500 index was trading 0.8% lower at 3,875, while the Nasdaq Composite Index was skidding 1.4% lower at 13,675, with highflying technology stocks, represented heavily in the Nasdaq, tending to be the most sensitive to rising yields because those commpanies don’t tend to offer a coupon and also because they are already viewed as richly valued. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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