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The New York Stock Exchange closed with U.S. stocks losing momentum due to a selloff in government bonds. The Dow Jones fell around 360 points, the S&P 500 dropped 1%, erasing earlier gains, and the NASDAQ fell 2% following a Netflix selloff. Professor Peter Morissie, an economist from the University of Maryland, discussed the market's reaction to the San Francisco Fed's suggestion of raising interest rates to 2.5%, causing fear among investors, especially in technology stocks.
