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In a Choppy Start to the New Quarter, the Dow Drops Almost 400 Points for the Second Day

As bond yields increased and traders reduced their expectations that the Federal Reserve will decrease interest rates in June, the Dow Jones Industrial Average plummeted for a second day, extending Wall Street’s dismal start to the quarter.

The Dow of 30 stocks fell 1%, or 396.61 points, to close at 39,170.24. The benchmark was down more than 500 points at the end of the session. The S&P 500 ended the day at 5,205.81, down 0.72%. The Nasdaq Composite closed at 16,240.45, down 0.95%. For the Dow and the S&P 500, it was the worst day since March 5.

Since last week’s sticky inflation data ended last week and Monday’s robust economic news sent rates higher and decreased odds, the second quarter of equities has started poorly.

Source (CNBC)

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