Dow skids 570-points and snaps 4-day win streak and Nasdaq notches worst day since March 18

The Dow Jones Industrial Average

closed lower Tuesday, along with the rest of the market, which faced a fresh drop in September, putting the blue-chip index on track to nearly erase its entire gains over the past three months and deliver the worst monthly decline since October. For the Nasdaq Composite Index
it was the worst session since March 18 on a percentage basis, down 2.8% to end 14,546, on a preliminary basis. The Dow closed 1.6% lower to reach 34,300, and is up less than 0.1% for the quarter, while the S&P 500 index

declined 2% on Tuesday to reach around 4,353. The slump in equities comes as The 10-year Treasury yield

was up about 6 basis points at 1.54% Tuesday afternoon, after hitting its highest level since June. Bond yields have been rising as investors anticipate the Federal Reserve moving away from the accommodative policy it set during the early months of the pandemic amid concerns over elevated inflation. Rising long-term bond yields have put pressure on tech- and other growth-related shares, while stocks for companies more sensitive to the economic cycle were also succumbing to selling pressure, but outperformed more rate-sensitive stocks. Energy shares, however, were the only bright spot in markets, with the S&P 500’s energy sector

up 0.5% on the day, amid concerns of an energy shortage in parts of the globe.

Most Related Links :
honestcolumnist Governmental News Finance News

Source link

Back to top button