Dow Jones industrials sink 700 points as bond yields rise

Dow falls 500 points as rising Treasury yields drag down market

Stocks retreated Wednesday, with the Dow Jones industrial average losing more than 800 points in a selloff that accelerated in the final minutes of trading.

This would mark the sixth straight day of losses for the market, which has been rattled by rising interest rates, signs of a slowdown in the global economy and the US-China trade dispute.

All of those factors could threaten the impressive profits Corporate America has been reporting this year. All 30 of the Dow's stocks were in the red and it fell below 26,000 total points for the first time in a month, CNN reported. The Nasdaq composite, which has a high concentration of technology stocks, tumbled 244 points, or 3.2 percent, to 7,495.

"When we have a recalibration in values, it's not surprising that it takes more than one day", said Art Hogan, chief market strategist at B. Riley FBR.

All 11 sectors in the S&P 500 were lower, with banks and energy stocks the hardest hit.

The technology-heavy Nasdaq composite dropped 4.1% to 7,422 points, its biggest loss since February 8.

The S&P 500 index fell 4 points, or 0.1 percent, to 2,781. As of October 10, it's lasted 3,503 days.

Trade-sensitive industrial stocks also fell as tensions between Washington and Beijing persisted.

Although that's largely because the United States economy is so strong, the spike in rates for the benchmark U.S. 10-Year Treasury has investors wondering if the near-decade-old bull market may finally be ending.

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Stocks fell Thursday morning after Wall Street's worst day in eight months.

"If the Feds are insane, this market reaction is bordering on insanity, as so many negative crosscurrents collide that is merely impossible to find a glint of optimism", he added. Yields on 3-year notes have recently traded just above 3.0 percent, providing long-absent competition for investment returns with equities.

Apple gave up 4.6 percent to $216.36 and Microsoft dropped 5.4 percent to $106.16.

West Texas Intermediate has shed almost $4 a barrel since Tuesday, marking its steepest two-day decline in more than three years.

Earlier on Wednesday, Sears Holdings plunged on reports that the struggling retailer is preparing to file for bankruptcy. Over the years, Sears has closed hundreds of stores and sold several famous brands.

Benchmark U.S. crude oil fell 2.4 per cent to $73.17 a barrel in NY.

Tokyo's Nikkei 225 gave up 3.9 percent to 22,591.10 and the Shanghai Composite lost 4.3 percent to 2,607.44. U.S. gold futures settled up $1.9, or 0.16 percent, at $1,193.4. Brazil's Bovespa lost 2.5 per cent and the Merval in Argentina sank 2.2 per cent. The euro rose to $1.1525 from $1.1496.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

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