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Dow falls 500 points as 10-year yield rises to highest level in 24 years: Live updates
Stocks fell on Wednesday as pressure continued to build in the bond market, pushing Treasury yields to levels not seen in more than two decades.
The Dow Jones Industrial Average was down 503 points, or 1%, while the S&P 500 shed 0.6%. The Nasdaq Composite slipped 0.7%.
The benchmark 10-year Treasury note yield climbed more than 8 basis points to trade at 5.356%. The yield reached its highest level since April 2002. The 30-year bond yield gained more than 8 basis points to 5.725%. It had hit its highest level since May 2002.
The moves come ahead of a planned auction by the Treasury Wednesday, in which it's planning to sell $39 billion of 10-year notes.
Stock market today: Dow falls 500 points, S&P 500 and Nasdaq retreat from records as Treasury yields hit 24-year high
US stocks fell on Wednesday morning as global bonds fell and investors awaited minutes from the Fed's September meeting.
The Dow Jones Industrial Average (^DJI) dropped 1.1%, while the S&P 500 (^GSPC) declined 0.6% and the tech-heavy Nasdaq Composite (^IXIC) fell 0.7%. The Nasdaq and S&P 500 closed at record highs the day before.
The yield on 30-year Treasury (^TYX) bonds rose to 5.70%, the highest since 2002, ahead of the release later today of minutes from the Federal Reserve's September policy meeting, when policymakers raised interest rates to combat inflation.
Sentiment had turned more buoyant in markets this week as bullish earnings estimates helped lift major indexes to all-time highs. But as Yahoo Finance's Brian Sozzi pointed out on Tuesday, those records belie a highly concentrated market in which the index's top three holdings (Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT)) account for roughly a fifth of the S&P 500.
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