Stocks fall amidst fears of higher interest rates
Los Angels — Wall Street stocks saw steep declines across the board Thursday as investors anticipate higher interest rates for a longer period of time. The S&P 500 slid 1.6% after a 1% loss Wednesday to 4,330.
The Dow Jones Industrial Average dropped 1.08% to close at 34,070.42, while the Nasdaq Composite lost 1.8% to 13,223.98.
All three indexes suffered three straight day of losses, and investors believe a prolonged period of elevated interest rates will put pressure on stocks and bonds.
The 10-year treasury yield hit a high of 4.494%, at one point reaching its highest level since 2007.
Fears of a government shutdown also exacerbated fears of a hit to fourth-quarter GDP.
