China slump, higher bond yields weigh on markets

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Associated Press

Posted on June 24, 2013 at 10:04 AM

Updated Monday, Jun 24 at 10:06 AM

More signs of distress in China's economy and rising U.S. bond yields are weighing on U.S. stocks in early trading.

The Dow Jones industrial average was down 231 points, or 1.6 percent, to 14,566 in the first half-hour of trading Monday.

The Standard & Poor's index fell 26 points, or 1.7 percent, to 1,565. The Nasdaq composite fell 55 points, or 1.7 percent, to 3,302.

An increase in China's commercial lending rates brought new worries about China's finances. China's Shanghai Composite Index plunged 5 percent, its biggest loss in four years.

The selling spread to Europe. France's index fell 1.8 percent, Germany's 1.1 percent.

In the U.S., the yield on the 10-year Treasury note jumped to 2.61 percent from 2.54 Friday, its highest level in almost two years.

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