Dow Tumbles 400 Points, Suffering Worst Day Since Early September
Stocks fell sharply on Wednesday, with the Dow Jones Industrial Average on pace for its worst day in over a month, as higher Treasury yields weighed on market sentiment.
The S&P 500 lost 0.92%, closing at 5,797.41. The 30-stock Dow plunged 409.94 points, or 0.96%, ending the day’s session at 42,514.95. The Nasdaq Composite lost 1.6%, ending at 18,276.65.
Both the Dow and S&P 500 notched their third straight losing session.
At its session high, the benchmark 10-year Treasury yield topped 4.25%, reaching its highest level since July 26. The 10-year note is up 44 basis points in October alone.
Treasury yields have been soaring over the past month, even after the Federal Reserve began cutting interest rates in September. Some have pointed to recent economic data as a source for the move higher, while others have noted the potential of growing fiscal deficits in the U.S. under a second Donald Trump presidency.
Source : CNBC
