No economic data in the United States today, but the market fell all day long.
First, the scoreboard:
- Dow Jones: 15,003.48, -118.54, (-0.78%)
- S&P 500: 1,612.57, -13.56, (-0.83%)
- Nasdaq: 3,401.10, -35.85, (-1.04%)
And now, the top stories:
- 10-year U.S. Treasury yields climbed 5 basis points to 2.24% today. The sell-off in the bond market is being driven by rising real interest rates, which in turn are being driven by the threat that the Federal Reserve could taper back monetary stimulus this year.
- Fears of Fed tapering are now beginning to seep into the stock market. After closing down yesterday, U.S. stock markets continued to trend lower all day today, closing near their lows. Meanwhile, the Japanese yen continues to appreciate against the U.S. dollar. Earlier today, the dollar-yen exchange rate hit a low of ¥95.13 before bouncing back a bit.
- The latest report on homeowner equity from CoreLogic estimates that 9.7 million homes (or 19.8% of all residential properties with a mortgage) were still underwater in the first quarter of 2013, down from 10.5 million (or 21.7%) in the fourth quarter of 2012.
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