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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.
Data from the EIA Petroleum Status Report showed that crude oil inventories in the US rose by 2.553 million barrels in the week ended April 4, 2025, above market expectations of a 2.2 million build.
Also, crude stocks at the Cushing, Oklahoma, delivery hub increased by 681 thousand barrels, after a 2.373 million rise.
Conversely, gasoline stocks fell by 1.6 million, compared with forecasts of a 1.7 million draw.
Distillate stockpiles, which include diesel and heating oil, decreased by 3.544 million barrels, compared to the consensus of a 0.2 million barrel increase.
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