- Al Sharpton, Trayvon Martin’s parents rally against Fla. ‘stand your ground’ law
- Hillary Clinton campaign got illicit funds from D.C. scandal figure
- Obama administration backs off plan to cut prescription-drug program
- Tickets linked to stolen passports purchased by Iranian middleman
- More than 3,500 police planned for Boston Marathon
- Ottawa day care suspends 2-year-old for ‘outside’ cheese sandwich
- Liam Neeson tells NYC mayor to ‘man up’ in horse carriage fight
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- Climate change could bring back smallpox, researchers say
- Shoe-bomb witness to speak from London at N.Y. trial
China slump, higher bond yields weigh on markets
The Fed’s easy-money policies have kept bond yields and other interest rates artificially low since the financial crisis of 2008, making borrowing cheaper. The 10-year yield is used as a benchmark for many kinds of loans to individuals and businesses, including home mortgages.
The last time the yield was above 3 percent was late July 2011. The last time it was consistently above 4 percent was July 2008, two months before the peak of the financial crisis.
Before trading began Monday on Wall Street, China’s main stock exchange had its biggest loss in four years, and the selling spread to Europe. China’s Shanghai Composite Index fell 5 percent, prompted by a government crackdown on off-balance sheet lending, which made investors worry about China’s economic growth. France’s benchmark stock index fell 1.7 percent; Germany’s, 1.2 percent.
Metals fell. Gold was down $14.90 to $1,277.10 an ounce, and silver fell 47 cents to $19.49 an ounce.
Other stocks with big moves:
• PulteGroup slumped 31 cents, or 1.7 percent, to $18.48. Investors have worried that higher U.S. interest rates will hurt homebuilding companies by making mortgages more expensive.
• Tenet Healthcare rose $2.15 cents, or 5.1 percent, to $44 after offering to buy Vanguard Health Systems Inc. for $1.8 billion. The offer of $21 per share pushed Vanguard stock up $8.43, or 68 percent, to $20.80.
• Facebook fell 45 cents, or 1.9 percent, to $24.07. Monday was the first full trading day after Facebook acknowledged it accidentally had exposed contact information for 6 million users to some other users.
• Apple fell $10.32, or 2.5 percent, to $403.10 after an analyst said the company appears to have cut back iPhone production. The company didn’t have any immediate comment.
• Steve Rothwell contributed to this article.
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