U.S. stock benchmarks closed sharply lower Wednesday, with the Nasdaq Composite Index COMP, -1.15% finishing at correction for the first time since March 8, as sharply higher bond yields and elevated inflation rattled investors for another session.
- The Nasdaq Composite closed down 1.2% to reach 14,340, sinking more than 10% from its Nov. 19 peak and meeting the commonly used definition for a correction.
- The Dow Jones Industrial Average DJIA, -0.96% closed around 340 points, or 1%, lower at 35,029, on a preliminary basis, weighed by losses in Boeing Co. BA, -3.52%, Caterpillar Inc. CAT, -3.10% and Goldman Sachs Group Inc. GS, -2.00%
- The S&P 500 index SPX, -0.97% closed 44 points, or 1%, lower at about 4,532. Consumer discretionary sector SP500.25, -1.81% led losses, down 1.8%, followed by a 1.7% decline in financials SP500.40, -1.65%.