U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street. The S&P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%. Stocks had been up earlier in the day, rising as oil prices eased. But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations. Financial markets are in an awkward phase where such strength raises traders’ hopes for growing profits at companies but also hurts expectations for easier interest rates. High rates put downward pressure on stock prices. On Monday: The S&P 500 fell 61.59 points, or 1.2%, to 5,061.82. The Dow Jones Industrial Average fell 248.13 points, or 0.7%, to 37,735.11. The Nasdaq composite fell 290.08 points, or 1.8%, to 15,885.02. The Russell 2000 index of smaller companies fell 27.47 points, or 1.4%, to 1,975.71. For the year: The S&P 500 is up 291.99 points, or 6.1%. The Dow is up 45.57 points, or 0.1%. The Nasdaq is up 873.67 points, or 5.8%. The Russell 2000 is down 51.37 points, or 2.5%. |
South China theater festival to showcase outstanding classicsChina to strengthen capital market regulation, risk preventionRishi Sunak rejects calls to proscribe Iran's Revolutionary Guard as a terror groupChinese vice president meets Cambodian King, Queen MotherVo Thi Anh Xuan named as Vietnamese acting presidentQUENTIN LETTS: We can guess who plenty of Labour MPs would cheer in an IsraelVeterans' fury as millionaire New Labour power couple lodge plans to build 'oppressive' 20The glare of car headlights could be a risk for heart conditions... As everCanadian gov't announces plan to solve national housing crisisIsrael vows 'appropriate response' if Iran attacks its territory