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Dow drops 650 points as bond fears haunt stocks
Here we go again: Worries about the bond market are driving heavy selling on Wall Street. The Dow declined 650 points, or 2.7%, on Thursday. The S&P 500 and Nasdaq also lost more than 2% apiece. The market started the day just modestly lower, but selling picked up as the 10-year Treasury yield hit a four-year high of 2.88%, renewing concerns about inflation and higher interest rates. "The bond market has definitely got the stock market's attention," said Ryan Detrick, senior market strategist at LPL Financial. "Is the bond market telling us something we don't know? Is there more inflation down the road than we're ... (full story)
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