The Dow Jones Industrial Average plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks. Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses Wednesday. Amazon lost 6.2% and Netflix gave back 8.4%, reports the AP.
The Dow and the S&P 500, the benchmark for many index funds, lost more than 3%. The 10-year yield is currently 3.20%, the highest in than seven years and up sharply from 2.82% in late August. The S&P 500 lost 94 points, or 3.3%, to 2,785. The Dow fell 831 points, or 3.1%, to 25,598. The Nasdaq fell 315 points, or 4.1%, to 7,422.