Dow Ends Day Down 166

Spike in bond yields upends stock rally
By Newser Editors and Wire Services
Posted Feb 21, 2018 3:16 PM CST
Dow Ends Day Down 166
Trader Michael Milano, left, and Robert Charmak work on the floor of the New York Stock Exchange, Thursday, Feb. 15, 2018.   (AP Photo/Richard Drew)

Stocks gave up an early gain and ended lower on Wall Street as a late afternoon spike in bond yields sent investors heading to the exits, the AP reports. Bond yields rose Wednesday after the Federal Reserve released minutes from its latest policy meeting which showed bullish sentiment among policymakers. That signaled more interest rate hikes ahead. The yield on the 10-year Treasury note rose sharply after the minutes came out, touching 2.95%, its highest level since January 2014. Technology stocks, which led the early gains, ended lower. Nvidia lost 3%. The Standard & Poor's 500 index fell 14 points, or 0.5%, to 2,701. The Dow Jones industrial average fell 166 points, or 0.7%, to 24,797. The Nasdaq composite lost 16 points, or 0.2%, to 7,218. (Read more stock market stories.)

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