More trouble in China and higher bond yields send US stocks lower in midday trading

More signs of distress in China’s economy and rising U.S. bond yields are weighing on U.S. stocks in midday trading.

The Dow Jones industrial average was down 223 points, or 1.5 per cent, to 14,576 at noon Eastern Daylight Time Monday.

The Standard & Poor’s index fell 29 points, or 1.8 per cent, to 1,563. The Nasdaq composite fell 55 points, or 1.7 per cent, to 3,302.

The selling was broad: 96 per cent of the stocks in the S&P 500 fell, led by banks and materials companies.

An increase in China’s commercial lending rates brought new worries about China’s finances. China’s Shanghai Composite Index plunged 5 per cent.

In the U.S., the yield on the benchmark 10-year Treasury note jumped from 2.54 per cent to 2.60 per cent, its highest level in almost two years.

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