U.S. stocks fell Thursday, deepening losses for the week, as Treasury yields climbed to multiyear highs amid the Federal Reserve's plan to keep interest rates at higher levels for longer.
The Dow Jones Industrial Average dropped about 370 points, or 1%. The S&P 500 slid 1.6%, and the Nasdaq Composite retreated 1.8%.
The Dow and S&P 500 were on track to end the week down more than 1% and 2%, respectively, while the Nasdaq was poised to fall more than 3%. The major averages were also headed for their third straight daily loss.
The 10-year Treasury yield hit 4.48%, its highest in more than 15 years, with the latest catalyst being weekly jobless claims data showing a still strong labor market that could encourage the Fed to stay in hiking mode. Weekly jobless claims decreased by 20,000 to 201,000 for the week ending Sept. 16, much lower than the 225,000 claims expected by economists polled by Dow Jones. It was the lowest volume of new unemployment claims since January.
The 2-year yield topped 5.19% after the jobs data Thursday, also the highest levels seen since 2007.
Source : CNBC
