Stocks Tumble, Bonds No Haven as Selloff Worsens: Markets Wrap
- Yield on U.S. 10-year note touches highest since April 2014
- Dollar fluctuates before Trump’s State of Union address
VIX at Highest Level Since August as Stocks Tumble
The Dow Jones Industrial Average tumbled 362 points, helping to send U.S. stocks to the biggest two-day decline since May, while yields on benchmark government bonds touched April 2014 highs as caution crept into markets after one of the best starts to a year in recent history.
Screens flashed red across most asset classes, with investors on edge ahead of a slew of earnings, a U.S. rate decision, the president’s address to Congress and major economic data. All major U.S. equity indexes sank a second day, with investors pocketing profits from a four-week rally that greeted 2018. The 10-year Treasury yield pushed above 2.73 percent, the highest since April 2014. Commodities retreated, led by crude and industrial metals. Gold turned lower, while the dollar fluctuated.