Dow drops almost 200 points

Dow drops almost 200 points

Losses at technology and health care companies helped pull stocks lower Tuesday, snapping the Dow Jones industrial average's eight-day winning streak.

WALL STREET: Losses in technology and health care companies helped pull USA stocks lower Tuesday, snapping an eight-day winning streak by the Dow Jones industrial average.The broad sell-off followed a slide in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years, paving the way for higher borrowing costs on mortgages and other loans. That paves the way for higher borrowing costs on mortgages and other loans.

"A combination of firm growth and higher interest rates is unnerving", said Anthony Chan, chief economist for Chase in NY. By afternoon, those gains were mostly gone. The S&P 500 lost 19 points, or 0.68%, to 2,711 and the Nasdaq Composite fell 60 points, or 0.81%, to 7,352. The Dow Jones Industrial Average closed at 24,706.41 for a loss of -193.00 points or -0.78%.

The Nasdaq is down 51.26 points, or 0.7 percent.

Small-company stocks fell. The Russell 2000 lost 6 points, or 0.4 percent, to 1,600.

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The slide comes in the midst of a strong May for stocks. Among the worst performers on the S&P 500, Agilent Technologies (A) shares dropped almost 10% after the maker of medical instruments and other equipment posted quarterly earnings that matched forecasts late Monday.

Viacom slumped 6 percent and CBS rose 4 percent after CBS sued to block efforts to force the company combine with Viacom.

USA market indexes were lower on Tuesday. The Shanghai Composite index dropped 0.3 percent to 3,183.28 and shares in Southeast Asia were lower while Taiwan advanced. The retail sales data suggest consumers are spending more after a weak first quarter. At 3.08% earlier today, it was the highest yield since July 2011. The move raised expectations for further interest rate hikes from the Federal Reserve.

With yields rising, rate-sensitive stocks were among the worst performing Tuesday. Essex Property Trust fell 3.4 percent. Mortgage rates, which have been rising this year, tend to track the 10-year Treasury yield. The VIX Volatility Index was higher at 14.57 with a gain of 1.64 points or 12.68%. MGM Resorts rose 1.6 percent. Sectors leading losses for the day included real estate, health care and technology. On Monday it rose 35 cents to settle at $71.31 a barrel. Brent crude, used to price global oil, added 20 cents to $78.43 in London.

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