U.S. Stocks Drop in August
The Chicago Purchasing Managers Index reflecting business conditions in the Chicago area increased to 53 in August, as expected by economists, from 52.3 in July.
Friday marks the last trading session of the month. Major U.S. stock indices logged their worst one-month in more than a year, weighed down by concerns about potential Federal Reserve tapering of bond purchases in September, the U.S. fiscal budget negotiations coming up in the fall, and worries about any devastating global impact that could arise from an attack on Syria.
The benchmark 10-year Treasury was down 4/32, pushing the yield to 2.779%.
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