U.S. stocks closed lower as more steam came out of Wall Street’s huge, record-breaking rally.
The S&P 500 fell 0.9 percent Wednesday. It was the third loss in a row for the benchmark index, the first time that’s happened in six weeks. The Dow Jones Industrial Average dropped 1 percent. The Nasdaq composite sank 1.6 percent as Nvidia and other Big Tech stocks were among the market’s heaviest weights.
Momentum has reversed for stocks since the S&P 500 set a record on Friday as pressure has increased from rising Treasury yields in the bond market. Yields rose again Wednesday.
On Wednesday:
The S&P 500 fell 53.78 points, or 0.9 percent, to 5,797.42.
The Dow Jones Industrial Average fell 409.94 points, or 1 percent, to 42,514.95.
The Nasdaq composite fell 296.47 points, or 1.6 percent, to 18,276.65.
The Russell 2000 index of smaller companies fell 17.69 points, or 0.8 percent, to 2,213.84.
For the week:
The S&P 500 is down 67.25 points, or 1.1 percent.
The Dow is down 760.96 points, or 1.8 percent.
The Nasdaq is down 212.90 points, or 1.2 percent.
The Russell 2000 is down 62.25 points, or 2.7 percent.
For the year:
The S&P 500 is up 1,027.59 points, or 21.5 percent.
The Dow is up 4,825.41 points, or 12.8 percent.
The Nasdaq is up 3,265.30 points, or 21.8 percent.
The Russell 2000 is up 186.76 points, or 9.2 percent.
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