The Dow Jones Industrial Average midday Friday was suffering a sharp two-day tumble, with the blue-chip gauge shedding more than 450 points since flirting with a psychological round-number level at 27,000 on Wednesday. Most recently, the Dow was down 250 points, or 0.9%, at 26,386, after closing at 26,828.39 on Wednesday, representing a decline of roughly 1.7% since that point. Equity markets broadly were under selling pressure as government bond yields perked up, compelling investors to reassess the valuations of stock investments against assets few as risk free like government debt. The 10-year Treasury note TMUBMUSD10Y, +1.41% was yielding 3.23% on Friday, compared with 3.055 last week. The S&P 500 index SPX, -0.81% was down 0.8% at 2,877, while the Nasdaq Composite Index, was down a more severe 1.6% at 7,758. Friday’s moves also come after a jobs report that was softer than expected, showing a gain of 168,000 jobs for September, but offered upbeat signs with the unemployment rate declining to its lowest level since 1969 and previous months increased.
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