AP

Tech Companies Take Sharp Losses as Dow Falls 800 Points

October 10, 2018 - 1:11 pm
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NEW YORK (AP) — 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.

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.

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2:11 p.m.

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.

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.

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11:45 a.m.

Stocks are falling sharply on Wall Street as bond yields continue to rise, putting the S&P 500 index on track for its fifth drop in a row.

Technology stocks, some of the biggest winners over the past 12 months, fell much more than the rest of the market Wednesday. Microsoft gave up 3.3 percent.

Treasury yields rose again, tempting more investors away from stocks. The yield on the 10-year Treasury note rose to 3.22 percent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 fell 39 points, or 1.4 percent, to 2,840.

The Dow Jones Industrial Average lost 342 points, or 1.3 percent, to 26,090. The Nasdaq composite fell 152 points, or 2 percent, to 7,585.

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