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U.S. stocks booked their worst day in more than two months on Tuesday as investors emerged from the long holiday weekend in a gloomy mood. The Dow Jones Industrial Average
DJIA,
tumbled about 697 points, or 2.1%, ending near 33,129, while the S&P 500 index
SPX,
fell 2% and the Nasdaq Composite Index
COMP,
closed down 2.5%, according to preliminary FactSet data. The drop for all three equity indexes was the worst on a daily percentage basis since Dec. 15, according to Dow Jones Market Data. It also cut the S&P 500’s 2023 gain by roughly half, to about 4.1%. The selloff in risk assets came after several Federal Reserve speakers recently stressed the need to keep bringing stubbornly high inflation levels down toward the central bank’s 2% annual target. Treasury yields on Tuesday also jumped, with the 2-year rate
TMUBMUSD02Y,
climbing to 4.729%, its highest level since 2007. The 10-year Treasury yield
TMUBMUSD10Y,
soared 12.6 basis points to 3.953%, its highest since November.
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