Markets Right Now: White House downplays market plunge

AP

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FILE- This Jan. 4, 2018, file photo shows the interior of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 10. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) The latest on developments in financial markets (all times local):

6:15 p.m.

The White House says there is no reason for concern after U.S. stocks suffered their worst loss in eight months Wednesday.

As a five-day market slump raises concerns that the record bull market may be ending, press secretary Sarah Sanders says, "The fundamentals and future of the U.S. economy remain incredibly strong."

The Dow Jones Industrial Average fell 831 points Wednesday and the Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years.

Sanders highlighted strong economic indicators, including low unemployment and rising wages, saying President Donald Trump's policies "have created a solid base for continued growth."

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4 p.m.

The Dow Jones Industrial Average plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses Wednesday.

Amazon lost 6.2 percent and Netflix gave back 8.4 percent.

The Dow and the S&P 500, the benchmark for many index funds, lost more than 3 percent.

The 10-year yield is currently 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.

The S&P 500 lost 94 points, or 3.3 percent, to 2,785.

The Dow fell 831 points, or 3.1 percent, to 25,598. The Nasdaq fell 315 points, or 4.1 percent, to 7,422.

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2:11 p.m.

Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks.

The Dow Jones Industrial Average fell as much as 519 points in afternoon trading Wednesday.

Technology stocks, the biggest winners in the market over the past year, took some of the worst losses. Chipmaker Nvidia dropped 5 percent.

The S&P 500 is on track for its fifth drop in a row and its biggest decline since April.

The yield on the 10-year Treasury rose to 3.23 percent, the highest level in seven years.

The S&P 500 fell 54 points, or 1.9 percent, to 2,825.

The Dow was down 482 points, or 1.8 percent, to 25,950. The Nasdaq fell 177 points, or 2.3 percent, to 7,560.

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11:45 a.m.

Stocks are falling sharply on Wall Street as bond yields continue to rise, putting the S&P 500 index on track for its fifth drop in a row.

Technology stocks, some of the biggest winners over the past 12 months, fell much more than the rest of the market Wednesday. Microsoft gave up 3.3 percent.

Treasury yields rose again, tempting more investors away from stocks. The yield on the 10-year Treasury note rose to 3.22 percent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 fell 39 points, or 1.4 percent, to 2,840.

The Dow Jones Industrial Average lost 342 points, or 1.3 percent, to 26,090. The Nasdaq composite fell 152 points, or 2 percent, to 7,585.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street led by drops in technology and industrial companies.

Microsoft lost 1.4 percent in early trading Wednesday and 3M gave up 1.6 percent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,864.

The Dow Jones Industrial Average lost 117 points, or 0.4 percent, to 26,313. The Nasdaq composite fell 73 points, or 1 percent, to 7,663.

Bond prices fell. The yield on the 10-year Treasury rose to 3.23 percent.

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