Wall Road slumped as shares fell worldwide on expectations for U.S. rates of interest to remain excessive properly into subsequent yr.
The S&P 500 misplaced 1.6% Thursday, its worst drop since March. Huge Tech shares tumbled once more after the Federal Reserve indicated Wednesday it might reduce charges subsequent yr by solely half what it earlier predicted. The Nasdaq composite fell 1.8% and the Dow misplaced 370 factors.
The ten-year Treasury yield rose to 4.48% and is close to its highest stage since 2007. When bonds pay extra curiosity, traders are much less keen to pay excessive costs for shares.
On Thursday:
The S&P 500 fell 72.20 factors, or 1.6%, to 4,330.
The Dow Jones Industrial Common fell 370.46 factors, or 1.1%, to 34,070.42.
The Nasdaq composite fell 245.14 factors, or 1.8%, to 13,223.98.
The Russell 2000 index of smaller corporations fell 28.28 factors, or 1.6% to 1,781.83.
For the yr:
The S&P 500 is down 120.32 factors, or 2.7%.
The Dow is down 547.82 factors, or 1.6%.
The Nasdaq is down 484.35 factors, or 3.5%
The Russell 2000 is down 65.21 factors, or 3.5%.
For the yr:
The S&P 500 is up 490.50 factors, or 12.8%.
The Dow is up 923.17 factors, or 2.8%.
The Nasdaq is up 2,757.50 factors, or 26.3%
The Russell 2000 is up 20.58 factors, or 1.2%.
