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Junk bond fund falls to 10-week low as U.S. stocks tumble

·1 min read

Sept 23 (Reuters) - The price of the iShares iBoxx High Yield Corporate Bond exchange-traded fund on Wednesday afternoon fell to its lowest level since July 15 as Wall Street sank on concerns about slowing business activity and the stalemate in the U.S. Congress over passing further fiscal stimulus.

The high-yield bond fund fell to a low of 83.06 in mid-afternoon New York trade, last down 1% on the day. The price of high-yield debt falls when the risk of corporate defaults rise. The market's moves immediately precede, or fall in step with, those of the stock market.