Advertise On EU-Digest

Anual Advertising Rates

3/21/17

US Market Place:Dow finally reacting to Trump disorganized confused administration and sinks more than 200 points

Stocks posted their worst day of the year Tuesday as banks faced pressure from falling yields and traders turned their eyes to a key House vote.

The Dow fell 237 points, with Goldman Sachs contributing the lion's share of the losses. The S&P 500 dropped 1.24 percent, with financials falling more than 2.5 percent to lead decliners. The indexes were also posted their first decline of at least 1 percent since October.

"We're settling back into the middle of the range in the 10-year yield. That certainly has taken the air out of financials lately," said Art Hogan, chief market strategist at Wunderlich Securities.

U.S. Treasury yields traded mixed, with the benchmark 10-year note yield holding around 2.42 percent and the short-term two-year note yield trading around 1.26 percent. Weaker yields lead to lower interest rates on loans, which hurt financial stocks, particularly banks.

Read more: Dow sinks more than 200 points as stocks post worst day of the year

No comments: