Stock market turns lower as bond yields continue upward march
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February 25, 2021
Stocks and bonds sold off on Thursday after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
The S&P 500 briefly erased its advance for 2021 and closed at the lowest level in about five weeks.
The S&P 500 closed the session down 1.3%, to 3,768, after dropping 2.5% earlier in the day.
The Dow Jones industrial average fell 345.95 points, or 1.1%, to 30,924. At one point, the blue-chip benchmark dropped more than 700 points.
The Nasdaq composite decreased 2.1%, to 12,723, as growth stocks declined amid rising rates.
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