Stocks Slump Over Fears Interest Rates Won't Budge

The Dow fell more than 600 points
By Newser Editors and Wire Services
Posted May 23, 2024 3:30 PM CDT
Stocks Slump Over Fears of Interest Rates Staying Put
The New York Stock Exchange is shown on Thursday, May, 16, 2024, in New York.   (AP Photo/Peter Morgan, File)

Most US stocks slumped Thursday after strong economic reports raised the possibility of interest rates staying painfully high. The AP reports the weakness was widespread and overshadowed another blowout profit report from market heavyweight Nvidia, which closed up 9% at $1,038. The S&P 500 fell 0.7% and pulled further from its record set earlier this week. The Dow Jones Industrial Average tumbled more than 600 points, and the Nasdaq composite slipped 0.4%.

Treasury yields rose in the bond market after reports showed accelerating growth for US business activity and a resilient job market. Higher yields weighed on much of the market, particularly dividend payers like real-estate stocks. On Thursday:

  • The S&P fell 39.17 points, or 0.7%, to 5,267.84
  • The Dow fell 605.78 points, or 1.5%, to 39,065.26.
  • The Nasdaq fell 65.51 points, or 0.4%, to 16,736.03.
(More Dow Jones stories.)

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