Dow ends nearly 400 points lower as falling Treasury yields underline economic jitters
Stocks fell sharply Monday, appearing to take a cue from a slump in Treasury yields that reflected mounting worries about the economic outlook and geopolitical concerns. The Dow Jones Industrial Average ended around 391 points lower, down 1.5%, near 25,896, according to preliminary figures while the S&P 500 slumped around 36 points, or 1.2%, to close around 2,882. The Nasdaq Composite dropped around 96 points to end near 7,863, a loss of 1.2%. The yield on the 10-year Treasury slumped around 9 basis points to 1.644%, its lowest since October 2016. The slump in yields, which can cut into lending margins, sent financial stocks skidding, with Bank of America Corp. down 2.5% and Dow component Goldman Sachs Group Inc. falling 2.7%. All 11 S&P 500 sectors ended lower, with financials leading the way, down 1.9%.
Published:8/12/2019 3:33:20 PM