U.S. stocks closed lower as more steam came out of Wall Street’s huge, record-breaking rally.
The S&P 500 fell 0.9% Wednesday. It was the third loss in a row for the benchmark index, the first time that’s happened in six weeks. The Dow Jones Industrial Average dropped 1%. The Nasdaq composite sank 1.6% as Nvidia and other Big Tech stocks were among the market’s heaviest weights.
Momentum has reversed for stocks since the S&P 500 set a record on Friday as pressure has increased from rising Treasury yields in the bond market. Yields rose again Wednesday.
On Wednesday:
The S&P 500 fell 53.78 points, or 0.9%, to 5,797.42.
The Dow Jones Industrial Average fell 409.94 points, or 1%, to 42,514.95.
The Nasdaq composite fell 296.47 points, or 1.6%, to 18,276.65.
The Russell 2000 index of smaller companies fell 17.69 points, or 0.8%, to 2,213.84.
For the week:
The S&P 500 is down 67.25 points, or 1.1%.
The Dow is down 760.96 points, or 1.8%.
The Nasdaq is down 212.90 points, or 1.2%.
The Russell 2000 is down 62.25 points, or 2.7%.
For the year:
The S&P 500 is up 1,027.59 points, or 21.5%.
The Dow is up 4,825.41 points, or 12.8%.
The Nasdaq is up 3,265.30 points, or 21.8%.
The Russell 2000 is up 186.76 points, or 9.2%.
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