Stocks fell on Wednesday as rising Treasury yields and oil prices continued to rattle investors.
The Dow Jones Industrials tumbled 404.99 points to 52,381.08.
The S&P 500 sank 37.03 points to 7,633.66
The NASDAQ Composite retreated 168.07 points to 26,253.34.
Treasury yields jumped on Wednesday after the Treasury Department said it’s going to triple its buyback operation of longer-dated government debt to $6 billion. The move follows the Treasury Department’s announcement last month that it’s going to at least double the level of government debt buybacks.
Even with the increased buyback plan, yields advanced because some on Wall Street anticipated even bigger repurchases by Treasury Secretary Scott Bessent.
Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies.
Prices for the 10-year Treasury were lower, raising yields to 4.84% from Tuesday’s 4.79%. Treasury prices and yields move in opposite directions.
Oil prices added $3.56 to $96.60 U.S. a barrel.
Gold prices regained $6.70 to $4,445.70 U.S. an ounce.
