The Dow fell 341 points and the S&P 500 and Nasdaq each lost 0.22 percent on Wednesday as long-dated Treasury yields resumed their climb. Reuters said the 30-year yield touched a 24-year high a day after the S&P and Nasdaq closed at records.
Wall Street closed lower on Wednesday as long-dated US Treasury yields resumed their climb, a day after the S&P 500 and the Nasdaq hit record closing highs, Reuters reported from New York. The move revived concern about inflation and debt.
The Dow Jones Industrial Average fell 341.11 points, or 0.66 percent, to 51,180.17. The S&P 500 lost 17.18 points, or 0.22 percent, to 7,801.75. The Nasdaq Composite lost 61.19 points, or 0.22 percent, to 27,538.69. The S&P and the Dow snapped four-day winning streaks, and the Nasdaq had its first down day in six. The Russell 2000 dropped 1.3 percent.
Reuters said the 30-year Treasury yield hit a 24-year high. Brent crude had settled above 100 dollars a barrel. Fed minutes released in the session showed division over the rationale for a rate hike. SpaceX shares fell after reports of a 40 billion dollar financing push, Reuters said.
CNBC's intraday account had the Dow down about 500 points and the 10-year yield near 5.36 percent, its highest since 2002, ahead of a 39 billion dollar 10-year note auction. Those live figures differ from Reuters' closing print. The session is a market close, not a new Federal Reserve decision.