U.S. stocks booked their worst day in more than two months on Tuesday as investors emerged from the long holiday weekend in a gloomy mood. The Dow Jones Industrial Average tumbled about 697 points, or 2.1%, ending near 33,129:
U.S. stocks booked their worst day in more than two months on Tuesday as investors emerged from the long holiday weekend in a gloomy mood. The Dow Jones Industrial Average DJIA, -2.06% tumbled about 697 points, or 2.1%, ending near 33,129, while the S&P 500 index SPX, -2.00% fell 2% and the Nasdaq Composite Index COMP, -2.50% closed down 2.5%, according to preliminary FactSet data. The drop for all three equity indexes was the worst on a daily percentage basis since Dec.
15, according to Dow Jones Market Data. It also cut the S&P 500’s 2023 gain by roughly half, to about 4.1%. The selloff in risk assets came after several Federal Reserve speakers recently stressed the need to keep bringing stubbornly high inflation levels down toward the central bank’s 2% annual target. Treasury yields on Tuesday also jumped, with the 2-year rate TMUBMUSD02Y, 4.733% climbing to 4.729%, its highest level since 2007. The 10-year Treasury yield TMUBMUSD10Y, 3.960% soared 12.
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