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US stocks fall, bonds rise
Published in Saudi Press Agency on 23 - 02 - 2007


U.S. stocks fell on Friday on
speculation that rising U.S.-Iran tensions would turn investors
to Treasury debt for its perceived safety, while the dollar
fell on expectations for higher European interest rates, Reuters reported.
Government bonds also rallied on speculation that a sharp
rise in subprime mortgage delinquencies would curb U.S.
economic growth and lead the Federal Reserve to lower its
target interest rate this year.
A jump in oil prices above $61 a barrel fed expectations
for slower growth and lower rates, hurting shares of
energy-reliant bellwether companies including General Electric
Co., United Technology Corp. and Caterpillar Inc.
Financial company shares such as Bank of America Corp. were
the biggest drag on the Standard & Poor's 500 Index, whose
financial component suffered the biggest fall in more than a
month. Lenders have come under pressure amid a rapid rise in
mortgage delinquencies and the failure or sale of more than 20
companies that cater to the riskiest borrowers.
The Dow Jones industrial average was down 43.26 points, or
0.34 percent, at 12,642.76. The Standard & Poor's 500 Index was
down 6.07 points, or 0.42 percent, at 1,450.31. The Nasdaq
Composite Index was down 9.81 points, or 0.39 percent, at
2,515.13.
The benchmark 10-year U.S. Treasury note was up 16/32 in
price, pushing the yield down to 4.67 percent from 4.73 on
Thursday. The 2-year note was up 4/32, with the yield at 4.80
percent against 4.87 Thursday. The 30-year bond was up 30/32
to yield 4.77 percent against 4.83 percent Thursday. Bond
prices move inversely to yields.
The dollar fell against the euro and yen after German
economic data supported the case for higher European interest
rates and as investors pared bets on further declines by the
weakened Japanese currency.


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