Dow Ends Day Down 193

10-year Treasury yield hits its highest level in almost 7 years
By Newser Editors and Wire Services
Posted May 15, 2018 3:07 PM CDT
Dow Ends Day Down 193
Trader Frederick Reimer, right, works on the floor of the New York Stock Exchange, Friday, May 11, 2018.   (AP Photo/Richard Drew)

(Newser) – Losses in technology and health care companies helped pull US stocks lower, breaking an eight-day winning streak for the Dow Jones industrial average, the AP reports. The broad sell-off Tuesday followed a spike in bond yields, which sent the 10-year Treasury yield to its highest in almost seven years. That paves the way for higher borrowing costs on mortgages. Homebuilders fell sharply as a result. DR Horton plunged 6.7%. Banks, which stand to prosper because of higher interest rates on loans, bucked the downward trend. KeyCorp rose 1.5%. The S&P 500 fell 18 points, or 0.7%, to 2,711. The Dow lost 193 points, or 0.8%, to 24,706. The Nasdaq fell 59 points, or 0.8%, to 7,351. Small-company stocks held up better than the rest of the market. (Read more stock market stories.)

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