NEW: U.S. stocks slumped Friday afternoon and bond yields fell sharply as investors worried that global economic growth is slowing.
FILE- In this March 13, 2019, file photo traders gather at the post that handles Oaktree Capital Group on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Friday, March 22. U.S. stocks slumped Friday afternoon and bond yields fell sharply as investors worried that global economic growth is slowing.
The yield on the benchmark 10-year Treasury note, which is used to set rates on mortgages and many other kinds of loans, fell to 2.45 percent from 2.54 percent late Thursday, a big move. That's down sharply from its recent high of 3.23 percent in early October. KEEPING SCORE: The S&P 500 index fell 1.5 percent as 1:34 p.m. Eastern Time. At this rate the market would be headed for its worst daily loss since Jan. 3.
"It's very positive that, not just the Fed, but other policy makers have acknowledged the situation is kind of dangerous on the global slowdown and are taking action," Severinovsky said.
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