(MENAFN- Baystreet.ca) Stocks Plumb Near Bear-Market Low
The S&P 500 fell deeper into a bear market on Tuesday after setting a new 2022 low, while the benchmark 10-year Treasury yield continued to climb to levels not seen in at least a decade.
The Dow Jones Industrials headed south 125.82 points by the closing bell Tuesday to 29,134.99.
The S&P 500 dipped 7.75 points to 3,647.29
The NASDAQ Composite stayed afloat 26.58 points to 10,829.50.
The S&P 500 is now 24.3% below its record set in January, while the Dow is 21.2% below its all-time high. The NASDAQ has fallen more than 33% since hitting a record in November.
A rally in the British pound also fizzled, with sterling trading just 0.4% higher at about $1.07 against the dollar. The pound earlier rose more than 1% against the U.S. dollar, in an attempt to rebound from an all-time low set earlier in the week.
The moves come after five straight days of losses for stocks, with the S&P 500 closing at its lowest level since 2020.
The Dow dropped more than 300 points on Monday, putting it in a bear market after falling more than 20% below its record high. The 30-stock average also posted its lowest closing level since late 2020.
Treasury prices lost ground, pushing up yields to 3.97% from Monday's 3.90%. Treasury prices and yields move in opposite direction.
Oil prices regained $1.83 to $78.54 U.S. a barrel.
Gold prices jumped $2.30 to $1,635.70 U.S. an ounce.
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