Stocks fell on Wall Street as the pressure cranked higher from the bond market again.
The S&P 500 lost 0.8% Thursday. The Dow fell 220 points, and the Nasdaq composite gave back 0.9%. Stocks had been higher earlier in the day, but the market quickly sagged under the weight of rising bond yields.
Yields rose after the government announced the results of a sale of 30-year Treasury bonds. They went even higher after Federal Reserve Chair Jerome Powell said the Fed will not hesitate to raise interest rates again if it feels that inflation isn’t under control.
On Thursday:
The S&P 500 fell 35.43 points, or 0.8%, to 4,347.35.
The Dow Jones Industrial Average fell 220.33 points, or 0.6%, to 33,891.94.
The Nasdaq composite fell 128.97 points, or 0.9%, to 13,521.45.
The Russell 2000 index of smaller companies fell 26.83 points, or 1.6% to 1,687.24.
For the week:
The S&P 500 is down 10.99 points, or 0.3%.
The Dow is down 169.38 points, or 0.5%.
The Nasdaq is up 43.16 points, or 0.3%.
The Russell 2000 is down 73.47 points, or 4.2%.
For the year:
The S&P 500 is up 507.85 points, or 13.2%.
The Dow is up 744.69 points, or 2.2%.
The Nasdaq is up 3,054.97 points, or 29.2%
The Russell 2000 is down 74.01 points, or 4.2%.
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