Dow Tumbles as Treasury Yields Reach Highest Level Since 2023

Wall Street closed lower for a fourth consecutive session on Thursday as investors digested fresh wholesale inflation data and grappled with rising bond yields and oil prices above $100 a barrel.

The Dow Jones Industrial Average fell 317 points, or 0.6%, to close at 52,064, while the S&P 500 dropped 45 points, or 0.6%, to finish at 7,592. The Nasdaq Composite declined 172 points, or 0.7%, to 26,082.

Rising Treasury yields added pressure on equities, particularly growth stocks, as the 10-year Treasury yield jumped 8 basis points to 4.91% - its highest level since 2023.