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U.S. stocks ended sharply lower Thursday, though well off session lows, giving back a chunk of the previous day's historic gains, while the U.S. dollar also fell sharply versus major rivals.
The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, fell 1.8% to its lowest level since October. The yield on the 10-year Treasury note fell, but the yield on the 30-year Treasury bond rose. Yields and debt prices move opposite each other.
"Today’s trading has seen a rare, ugly and worrying combination of market moves with the dollar, bonds and equities lower amid renewed volatility and stress cross-asset markets — despite a decent enough 30-year Treasury auction," said Krishna Guha, head of the global policy and central-bank strategy team at Evercore ISI.
"Today’s price action could be a spasm en route to a durable market footing. But the market is pressing for a bigger U-turn with either a complete cessation of tariffs ex-China, or negotiations with China, or both," Guha wrote.
The Dow Jones Industrial Average ended with a loss of 1,014.79 points, or 2.5%, after dropping 2,180 points at its session low.
The S&P 500 finished down 3.5% at 5,268.05.
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