Technology companies led stocks lower on Wall Street as another rise in bond yields rattled investors.
The S&P 500 fell 1.3% Wednesday, and the tech-heavy Nasdaq dropped 2.7%. Higher bond yields can signal that inflation could be on the way as the economy picks up. They can also make stocks that have made huge gains, like many of the Big Tech companies, look expensive.
On Wednesday:
The S&P 500 fell 50.57 points, or 1.3%, to 3,819.72.
The Dow Jones Industrial Average fell 121.43 points, or 0.4%, to 31,270.09.
The Nasdaq fell 361.04 points, or 2.7%, to 12,997.75.
The Russell 2000 index of smaller companies fell 23.72 points, or 1.1% to 2,207.79.
For the week:
The S&P 500 is up 8.57 points, or 0.2%.
The Dow is up 337.72 points, or 1.1%.
The Nasdaq is down 194.59 points, or 1.5%.
The Russell 2000 is up 6.74 points, or 0.3%.
For the year:
The S&P 500 is up 63.65 points, or 1.7%.
The Dow is up 663.61 points, or 2.2%.
The Nasdaq is up 109.47 points, or 0.8%.
The Russell 2000 is up 232.94 points, or 11.8%.
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