10/08/2024

Dow Closes Lower by Nearly 400 Points

It fell due to surging oil prices and rising Treasury yields

Stocks struggled Monday, giving back some of the gains from the previous session, as worries over rising oil prices and higher rates hurt market sentiment.

The Dow Jones Industrial Average dropped 424 points, or 1 percent. The S&P 500 slid 1 percent, and the Nasdaq Composite dropped 1.2 percent.

The benchmark 10-year Treasury yield rose nearly 5 basis points to 4.028 percent. This marked the first time since August that the yield topped 4 percent. Higher oil prices also weighed, as tensions in the Middle East remain high. U.S. crude climbed more than 3 percent to settle above $77 per barrel.

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