EUROPEAN MIDDAY BRIEFING: Stocks Steady as Eurozone Inflation Hits 10-Year High morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
By Caitlin McCabe, Will Horner and Xie Yu Investors around the world retreated from stocks Tuesday, with a selloff in technology companies spreading to other sectors as concerns about inflation dragged U.S. indexes down for a second consecutive day. The Dow Jones Industrial Average tumbled nearly 475 points as investors pulled back bets on many of the financials, industrials and energy stocks that have outpaced the broader market this year. The fall marked the blue-chip index s steepest one-day decline since late February when worries about a sharp rise in bond yields blunted momentum in the stock market. Concerns about rising inflation have loomed over markets for much of this year as the U.S. economy has heated up, boosted, in part, by pent-up demand and government stimulus. Fears about a sustained jump in inflation have weighed on growth stocks, including those in the tech sector, while cyclical shares have climbed on expectations of a full economic reopening.
Provided by Dow Jones
By Caitlin McCabe, Will Horner and Xie Yu Investors around the world retreated from stocks Tuesday, with a selloff in technology companies spreading to other sectors as concerns about inflation dragged U.S. indexes down for a second consecutive day. The Dow Jones Industrial Average tumbled nearly 475 points as investors pulled back bets on many of the financials, industrials and energy stocks that have outpaced the broader market this year. The fall marked the blue-chip index s steepest one-day decline since late February when worries about a sharp rise in bond yields blunted momentum in the stock market.
Provided by Dow Jones
By Will Horner, Caitlin McCabe and Xie Yu Investors around the world retreated from stocks Tuesday as a selloff in technology companies spread to other sectors of the market, leading to broad declines across major U.S. indexes. The Dow Jones Industrial Average tumbled about 550 points, or 1.6%, in recent trading, on pace for its worst one-day drop since late January. The S&P 500 fell 1.1%. The Nasdaq Composite edged down 0.4%, cutting its losses after falling as much as 2.2% earlier in the day. Investors have become increasingly concerned about signs of inflation lately, forcing many money managers to pare their positions in technology stocks. Growth stocks have traded lower for most of the past week, with the Nasdaq Composite down nearly 5% for May.