Dow Sinks 800 as Tech Companies Swoon

This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Photo: AP/Mark Lennihan, File
This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange.

October 10, 2018 03:16 PM

UPDATE 3 p.m.: The Dow Jones Industrial Average plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses Wednesday.

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Amazon lost 6.2 percent and Netflix gave back 8.4 percent.

The Dow and the S&P 500, the benchmark for many index funds, lost more than 3 percent.

The 10-year yield is currently 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.

The S&P 500 lost 94 points, or 3.3 percent, to 2,785.

The Dow fell 831 points, or 3.1 percent, to 25,598. The Nasdaq fell 315 points, or 4.1 percent, to 7,422.


Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks.

The Dow Jones Industrial Average fell as much as 519 points in afternoon trading Wednesday.

Technology stocks, the biggest winners in the market over the past year, took some of the worst losses. Chipmaker Nvidia dropped 5 percent.


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The S&P 500 is on track for its fifth drop in a row and its biggest decline since April.

The yield on the 10-year Treasury rose to 3.23 percent, the highest level in seven years.

The S&P 500 fell 54 points, or 1.9 percent, to 2,825.

The Dow was down 482 points, or 1.8 percent, to 25,950. The Nasdaq fell 177 points, or 2.3 percent, to 7,560.

Credits

The Associated Press

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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