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09-Oct2018

US markets end mostly lower on Monday

The US markets ended mostly lower on Monday as fears over rapidly rising rates continued to weigh on sentiment. A sell-off seen in the overseas markets, with Chinese stocks showing a particularly steep drop following a week-long holiday also weighed on market sentiments. A jump in government bond yields over the past several sessions has perhaps signaled a new phase in post crisis markets that have enjoyed a protracted period of ultra-low yields. However, climbing rates have come against a solid backdrop for the domestic economy, with a number of economic indicators supporting the notion that the US expansion continues apace.

Investors were also watching developments in Europe, with the EU signaling in a letter Friday to Italy's economic minister, Giovanni Tria that Italy's budget targets are a source of concern for the trading bloc, setting up a potential market-disrupting clash. Besides, traders seemed reluctant to make significant moves on Monday, as the bond markets were closed along with banks and federal offices for the Columbus Day holiday. The holiday also led to a lack of US economic data.

Nasdaq declined 52.50 points or 0.67 percent to 7,735.95 and the S&P 500 was down by 1.14 points or 0.04 percent to 2,884.43, while Dow Jones Industrial Average gained 39.73 points or 0.15 percent to 26,486.78.


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