Major US stock indexes fell on Wednesday following mixed corporate earnings reports, while investors remained concerned regarding rising US Treasury yields and the Federal Reserve’s tightening of monetary policy.
The Nasdaq index closed down more than 10 percent from its record closing level on November 19. A correction is confirmed when an index closes 10 percent or more below its record closing level.
According to preliminary data, the benchmark Standard & Poor’s 500 index ended the trading session on Wall Street, down 44.00 points, or 0.96 percent, to 4,533.11 points, while the Nasdaq Composite Index fell 167.55 points, or 1.15 percent, to close at 14,339.35 points.
The Dow industrial index closed down 330.00 points, or 0.93 percent, to 35031.71 points.
US stocks tumbled on Tuesday, with the Nasdaq down 2.6 percent following weak results from Goldman Sachs and a jump in Treasury yields. On Wednesday, US Treasury yields fell from their highest levels in two years.
Investors are looking forward to the Federal Reserve’s policy committee meeting next week for more clarity on the US central bank’s plans to curb inflation.
