After suffering significant losses the previous session, the Dow Jones Industrial Average dropped on Wednesday as investor confidence was dampened by an increase in Treasury yields and oil prices.
The 30-stock index dropped 68.61 points (0.20%), arriving at 33,550.27. Up to 112.77 points were gained earlier in the session. The Nasdaq Composite increased 0.22% to conclude the afternoon at 13,092.85, while the S&P 500 gained 0.02% to end the session at 4,274.51.
The 10-year Treasury benchmark yield reached its highest levels since 2007. Also rising was the yield on 2-year Treasury notes. In the meantime, the price of U.S. oil futures rose by more than 3% to $93.68 per barrel.
By increasing 2.5%, the energy sector had the best performance. Marathon Oil and Devon Energy, both up more than 4%, are noteworthy gainers.
The S&P 500 on Tuesday dipped below the crucial 4,300 level for the first time since June, prompting those actions. Additionally, the Dow experienced its largest single-day loss since March, losing more than 300 points and closing below its 200-day moving average for the first time since May.
Source (CNBC)
