Stocks drop sharply as Treasury yields rise again
Los Angeles —
Wall Street stocks suffered steep losses Wednesday following the release of mixed
earnings reports and rising Treasury yields.
At the end of trading, the Dow Jones Industrial Average lost 0.32% to 33,035.93.
However, the S&P 500 lost 1.43% to close at 4,186.77, falling below a key threshold for the first time since May.
The tech-heavy Nasdaq Composite dropped 2.43% to end the day at 12,821.22 in its worst day since Feb.21 where the index fell 2,5%.
Rising bond yields have continually plagued the stock market as the 10-year Treasury yield rose to 4.94% from 4.82% late Tuesday, helping to send stocks lower.
The 10-year Treasury yield has been catching up to interest rates set by the Federal Reserve as the central bank continues to try and get inflation down to its target level.
