U.S. stocks slipped as the clamps tightened on Wall Street from rising yields in the bond market
ByThe Associated Press
October 12, 2023, 5:05 PM
U.S. stocks slipped as the clamps tightened on Wall Street from rising yields in the bond market.
The S&P 500 fell 0.6% Thursday, breaking a four-day winning streak. The Dow lost 173 points, and the Nasdaq composite gave back 0.6%.
A weak auction for long-term Treasury bonds drove yields up across the bond market. Yields had already been climbing following a report showing inflation was a touch higher last month than expected. Higher yields can knock down stock prices, all else equal.
Oil prices eased after zigzagging through the day.
The S&P 500 fell 27.34 points, or 0.6%, to 4,349.61.
The Dow Jones Industrial Average fell 173.73 points, or 0.5%, to 33,631.14.
The Nasdaq composite fell 85.46 points, or 0.6%, to 13,574.22.
The Russell 2000 index of smaller companies fell 39.04 points, or 2.2% to 1,734.25.
For the week:
The S&P 500 is up 41.11 points, or 1%.
The Dow is up 223.56 points, or 0.7%.
The Nasdaq is up 142.88 points, or 1.1%
The Russell 2000 is down 11.30 points, or 0.6%.
For the year:
The S&P 500 is up 510.11 points, or 13.3%.
The Dow is up 483.89 points, or 1.5%.
The Nasdaq is up 3,107.74 points, or 29.7%
The Russell 2000 is down 26.99 points, or 1.5%.