Stocks on Thursday posted their third straight daily decline, as mounting fears that the Federal Reserve’s aggressive rate hikes will push the economy into a recession dented risk appetite for investors.
The S&P 500 slid 0.8% to 3,757.99, while the Nasdaq Composite shed 1.4% to 11,066.81. The Dow Jones Industrial Average closed 107.10 points lower, or 0.3%, at 30,076.68.
Thursday’s session left the major averages on pace to close the week with losses. The Dow is down about 2.42% week to date, while the S&P and Nasdaq have tumbled 3% and 3.3%, respectively. The S&P and Dow closed Thursday 2.5% and 0.5% off their recent lows.
Bond yields surged again on Thursday, with the yields on the 10-year and 2-year Treasury notes notching fresh multiyear highs, hitting their highest levels since February 2011 and October 2007, respectively.