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Wall Street Retreats From Its Record as Stocks Fall Worldwide
Selling pressure at the open pushed the Dow down 0.88% as investors reacted to recent news and market volatility.
- U.S. stocks pulled back from their record on Wednesday, with the Dow Jones Industrial Average falling 460 points, or 0.9%, as rising bond yields pressured prices.
- The yield on the 10-year Treasury rose to 5.35% from 5.27% late Tuesday, reaching its highest level since 2002 and pressuring stock valuations downward.
- Worthington Steel fell 7.4% after reporting weaker quarterly results, while Constellation Brands, seller of Modelo beer and Robert Mondavi wine, added 1.4% on stronger profits.
- International Monetary Fund Managing Director Kristalina Georgieva urged countries in Singapore to cut debt and counter inequality, stating, "We cannot keep delaying necessary policy action."
- Analysts forecast earnings per share growth of nearly 30% for the upcoming reporting season, setting a high bar that companies must clear to sustain record valuations.
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U.S. Stocks Giving Back Ground Following Recent Strength
Stocks have moved mostly lower during trading on Wednesday, giving back ground after trending higher over the past several sessions. The major averages have all slid firmly into negative territory. Currently, the major averages are just off their lows of the session.
Wall Street opens negative. Dow Jones loses 0.64% 51.171.42 points, Nasdaq gives 0.52% to 27.452.69 points while S&P 500 leaves 0.41% to 7.786.03 points on the ground. (ANSA). (ANSA)
·Rome, Italy
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center10Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 20%
C 67%
13%
Factuality
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