U.S. stocks closed lower under the weight of higher yields in the bond market.
The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high.
American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring. Another climb for yields in the bond market also weighed on the stock market broadly following an auction of $44 billion in Treasurys. The yield on the 10-year Treasury rose to 4.61%.
On Wednesday:
The S&P 500 fell 39.09 points, or 0.7%, to 5,266.95.
The Dow Jones Industrial Average fell 411.32 points, or 1.1%, to 38,441.54.
The Nasdaq composite fell 99.30 points, or 0.6%, to 16,920.58.
The Russell 2000 index of smaller companies fell 30.66 points, or 1.5%, to 2,036.19.
For the week:
The S&P 500 is down 37.77 points, or 0.7%.
The Dow is down 628.05 points, or 1.6%.
The Nasdaq is down 0.21 points, or less than 0.1%.
The Russell 2000 is down 33.48 points, or 1.6%.
For the year:
The S&P 500 is up 497.12 points, or 10.4%.
The Dow is up 752 points, or 2%.
The Nasdaq is up 1,909.23 points, or 12.7%.
The Russell 2000 is up 9.11 points, or 0.4%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Keep reading to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
