The Dow Jones Industrial Average is headed sharply lower Thursday. The Dow was most recently off more than 500 points, or 2.3%, with all 30 of its components trading firmly in negative territory, led by a 3.8% decline in Boeing Co. , the price-weighted benchmark’s most influential component. The S&P 500 index declined by 1.9% to 2,631, while the Nasdaq Composite Index was off 2% on the session at 6,908. Fears about inflation have fueled concerns about the outlook for the economy that is dogging both stocks and bonds alike, with the 10-year Treasury note pulling back from an early yield around 2.88%, presently yielding 2.85%. Bond prices move inversely to yields. Since its Jan. 26 peak, the Dow has shed about 2,300 points, bringing it perilously close to correction territory, which it had slipped into in the early moments of trade on Tuesday before rebounding. A correction is defined as a decline of at least 10% from a recent peak. The Dow stands down about 9.3% from its all-time high.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News