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9/28, 6:52 PM (Source: TeleTrader)
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Dow plunges 550 pts amid debt stalemate, bond yield hike

Shares on the major stock market indexes in the United States accelerated losses on Tuesday, with the Dow Jones Industrial Average dropping over 550 points, amid rising concerns prompted by the increase in the US bond yields, as well as challenges regarding the country's federal debt.

US House Majority Leader Steny Hoyer hinted that a vote on increasing the debt ceiling might come as soon as later during the day, while Senate Majority Leader Chuck Schumer stated he will request a simple majority vote on the matter in the Congress's upper house.

The Dow Jones tumbled by 1.6%, or 558 points, at 12:53 pm ET, while the Nasdaq 100 nosedived 2.81%, or 427 points, a minute later, marking a two-month low. The tech-heavy index was mostly dragged by Apple, Advanced Micro Devices, and Nvidia. The S&P 500 plunged 2.06% at 12:54 pm ET, while the euro slid 0.1% compared to the dollar, changing hands at 1.16836 at 12:57 pm ET.

Breaking the News / BU