Stocks Turn Jittery Again, Dow Sinks 800
Dec 4, 2018, 2:13 PM | Updated: Jun 8, 2022, 5:16 pm
(AP Photo/Richard Drew, File)
NEW YORK (AP) — Stocks are turning sharply lower on Wall Street as trading turns jittery again, erasing 805 points from the Dow Jones Industrial Average.
Banks led the market lower as bond yields fell sharply Tuesday, which makes it harder for banks to make money from lending.
Bank of America, Morgan Stanley, Citigroup and Wells Fargo each declined more than 4 percent.
Small-company stocks fell more than the rest of the market.
The S&P 500 lost 2.3 percent. The Dow lost 3 percent. The Nasdaq fell 3 percent.
Bond prices rose sharply. The yield on the 10-year Treasury fell to 2.92 percent.
Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.