Wall Street retreats from its record as stocks fall worldwide
NEW YORK — U.S. stocks are pulling back from their record on Wednesday. The S&P 500 fell 0.6 percent, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average was down 535 points, or 1 percent, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.8 percent lower. Stocks felt pressure as yields climbed in the bond market. The yield on the 10-year Treasury…
U.S. stocks experienced a retreat from their record highs on Wednesday, with major indices falling worldwide. The S&P 500 dropped by 0.6 percent, while the Dow Jones Industrial Average declined by 1 percent. The Nasdaq composite also saw a 0.8 percent decrease. This downward trend was attributed to rising bond yields and increased oil prices.
As yields climbed in the bond market, particularly the 10-year Treasury yield which reached 5.30 percent, they put downward pressure on stock prices and investments. Higher yields make borrowing more expensive for everyone, potentially slowing down the economy. The recent increase in oil prices, which rose by 1.3 percent to $101.86 per barrel, added to the downward pressure on bond yields.
This increase was due to uncertainty surrounding the timeline for the war with Iran to allow the oil industry to return to normal operations.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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