Higher Bond Yields, Soft Earnings Weigh on Wall St.
Benchmark U. S. 10-year note yields hit a seven-month high of 2.475 percent, buoyed by economic data, recent optimism over progress on tax reform by U. S. President Donald Trump’s administration
and anticipation of a nominee to head the Federal Reserve.
NEW YORK — U. S. stocks fell on Wednesday, with the Dow Industrials
and S&P 500 indexes suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in bond yields.
Also weighing on sentiment: President Trump and the U. S. House of Representatives’ top tax law writer reopened the door
on Wednesday to changes in the 401(k) retirement savings program, just days after Trump seemed to rule out such a step.
Mike Beale said that It is possible the market may be taking some solace that Yellen is still in the mix,
Downbeat earnings from AT&T sent shares in the United States’ second-largest wireless
carrier down 3.9 percent, pulling down other telecom stocks Verizon and CenturyLink
Boeing, off 2.8 percent, surprised investors by revealing a $329-million charge
for its troubled KC-46 aerial refueling tanker program in quarterly results.
The Dow Jones Industrial Average fell 112.3 points, or 0.48 percent, to end at 23,329.46, the S&P 500 lost 11.98 points, or 0.47 percent, to 2,557.15
and the Nasdaq Composite dropped 34.54 points, or 0.52 percent, to 6,563.89.