Dow drops more than 550 points as inflation concerns rattle investors
New York (CNN Business)The US stock market took it on the chin again Tuesday, plummeting on worries about sustained high inflation that pushed bond yields higher. The debt ceiling debate raging in Washington didn’t help market sentiment either.
The Dow (INDU) dropped some 600 points at its low-point, and finished the day down 569 points, or 1.6%. The S&P 500 (SPX) closed down 2%. Tech stocks led the losses across the board, and the tech-focused Nasdaq Composite (COMP) finished down 2.8%.
The S&P marked its worst session since May, while the Nasdaq had its worst day since March. For the Dow, it was just the worst decline since last week’s selloff.
“It’s a bit of a tapering tantrum,” said Ed Yardeni, president of Yardeni Research…Read More