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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 equity prices.
- The yield on the 10-year Treasury rose to 5.35% from 5.27% late Tuesday, reaching its highest level since 2002 and intensifying downward pressure on stock valuations.
- Worthington Steel fell 7.4% after reporting weaker quarterly results, while Constellation Brands, seller of Modelo beer and Robert Mondavi wine, gained 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 maintain high expectations for the upcoming earnings reporting season, forecasting nearly 30% growth in earnings per share; companies must meet this bar 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 Sources19
Leaning Left4Leaning Right2Center11Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 23%
C 65%
12%
Factuality
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