Dow Jones drops 832 points in third worst drop in history
The Dow Jones Industrial Average experienced the third worst point
decline in its history Wednesday, falling more than 800 points.
The index was down 832 points, or 3 percent, at the end of trading
Wednesday. All 30 of the Dow's stocks were in the red and it fell below
26,000 total points for the first time in a month, CNN reported.
The S&P 500 also fell 3.3 percent, marking its fifth straight
decline, and the Nasdaq declined more than 4 percent, its worst
percentage decline since June 2016.
Wednesday marked the largest single-day decline in the Dow Jones since
Feb. 8, when it fell 1,032 points to close at 23,860. That decline came
after the Dow's largest single-day drop in history, when it fell 1,175
points earlier that month.
Shares of Amazon declined 6.2 percent Wednesday, as Netflix fell 8.4 percent and Facebook and Apple both fell 4 percent.
The Technology Select Sector SPDR Fund also fell 4.85 percent for the first time since August 2011.
Tech stocks declined due to rising bond yields, which followed a spike in rates for the benchmark US 10-Year Treasury.
The 10-year Treasury note yield traded around 3.23 percent, while the two-year yield reached its highest mark since 2008.
The rates rose Wednesday after the government released data showing the
producer price index rose 0.2 percent in September and is up 2.8 percent
on a year-over-year basis.
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