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Stocks drop the most since May on worries over China, Fed

Hong Kong Financial Markets
Posted at 4:29 PM, Sep 20, 2021

U.S. stocks had their biggest drop since May.

There's concern the Federal Reserve will signal that it will pull back its supports for markets and the economy.

The S&P 500 fell 1.7% Monday. It had been down as much as 2.9% earlier. The Dow fell 614 points to close at 33,970.47.

The yield on the 10-year Treasury note dropped to 1.31% as investors turned to lower-risk assets.

Hong Kong's main index dropped 3.3%, its biggest loss since July, over worries that the huge Chinese developer Evergrande could collapse.