What a day!!
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US stocks stumbled Wednesday as bond yields continued to climb, putting pressure on equities as Wall Street fretted about the ballooning US debt while Republican leaders aimed to ready President Trump's tax bill for a House vote.
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The Dow Jones Industrial Average (^DJI) fell more than 1.9%, or about 800 points. The S&P 500 (^GSPC) slid about 1.6%, and the tech-heavy Nasdaq Composite (^IXIC) fell roughly 1.4%. All three major indexes moved lower after a 1 p.m. 20-year bond auction saw weak demand, and Treasury yields surged.
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The benchmark 10-year Treasury yield (^TNX) added 11 basis points to hit 4.59%, while the 30-year Treasury yield (^TYX) added 12 basis points to 5.09%, hovering near its highest level since 2023.
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Meanwhile, bitcoin (BTC-USD) rallied to a fresh record of over $109,000 earlier in the session before reversing (re-reversing) with the broader market.
I think it's been long since we witnessed such a great day.
May be the fiat scam is gonna vanish much quicker than we anticipated.