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The Dow Jones Industrial Average on Thursday experienced only the second 1,000 point drop in its history. It was also the second one this week.
Bottom line: U.S. economic fundamentals might be strong, but the stock market got ahead of itself and is paring back due to concerns over rising interest rates.
- The Dow was off 1,033 points, representing a 4.15% loss.
- The NASDAQ fell 275 points, or 3.9%.
- The S&P 500 fell more than 100 points, or 3.75%.
- Yield on 10-year U.S. Treasuries yield closed up 0.25% at 2.85% (but rose as high as 2.88% during trading — its highest mark since the end of 2013).
- Notable losers today included Yelp (-14.06%), HanesBrands (-10.93%) and Tesla Motors (-8.63%).