NEW YORK (Sputnik) – Stocks on Wall Street plunged Thursday with technology index Nasdaq losing about 3 percent for its biggest one-day decline since September, as bond yields surged and players took profit on nearly four straight months of gains.
Nasdaq, which includes industry giants such as Facebook, Apple, Amazon, Netflix and Google, was down 3.1 percent at 13,189, after a record high of 14,173.45 struck earlier this month. The S&P 500, a barometer for the top 500 US stocks, was down 2.2 percent at 3,840. The Dow Jones Industrial Average, the broadest gauge of the New York Stock Exchange, fell 1.6 percent to 31,500. The plunge in US stocks coincided with the rise in the yield of the US 10-year Treasury note to highs seen in February 2020, before the onset of the coronavirus pandemic.