Gulf Today
Pressure from the U.S. bond market hit a new level on Wall Street after a surprisingly strong report on the economy raised worries about inflation, while oil prices halted their slide Pressure from the U.S. bond market hit a new level on Wall Street after a surprisingly strong report on the economy raised worries about inflation, while oil prices halted their slide. The squeeze caused U.S. stocks to sink Wednesday, and the S&P 500 slid 0.8%. The Dow Jones Industrial Average dropped 0.7%, while the Nasdaq composite fell 1.1% from its all-time high.
The yield on the 10-year Treasury jumped to 5.11% and is back to where it was in 2007 after a report said both activity and costs for U.S. businesses are rising at the fastest pace in years. On Wednesday: The S&P 500 fell 58.61 points, or 0.8%, to 7,706.03. The Dow Jones Industrial Average fell 352.10 points, or 0.7%, to 51,511.59.
The Nasdaq composite fell 308.24 points, or 1.1%, to 26,936.04. The Russell 2000 index of smaller companies fell 51.26 points, or 1.8%, to 2,838.66. For the week: The S&P 500 is up 55.53 points, or 0.7%.
The Dow is down 171.05 points, or 0.3%. Popular Reads The Nasdaq is up 413.49 points, or 1.6%. The Russell 2000 is down 21.74 points, or 0.8%.
For the year: The S&P 500 is up 860.53 points, or 12.6%. The Dow is up 3,448.30 points, or 7.2%. The Nasdaq is up 3,694.05 points, or 15.9%.
The Russell 2000 is up 356.75 points, or 14.4%.
