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Dow drops 240 points in midday trade, gives up 2018 gains as rising rates spook Wall Street

The Dow Jones Industrial Average relinquished its hold on a modest year-to-date gain for 2018 in midday trade Tuesday, as blue chips retreated sharply lower amid a rise in benchmark interest rates. The Dow was down 1%, or 240 points, at 24,658, down about 0.3% for the year, according to FactSet data. The 10-year Treasury note yielding about 3.07%, marking its highest rate since 2011 and rattling investors worried that climbing rates will advance faster than economy's rate of growth in the ninth year of expansion.