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Markets Right Now: White House downplays market plunge

Last Updated Oct 10, 2018 at 4:41 pm MST

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, N.Y. – 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 per cent and Netflix gave back 8.4 per cent.

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

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

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

The Dow fell 831 points, or 3.1 per cent, to 25,598. The Nasdaq fell 315 points, or 4.1 per cent, 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 per cent.

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 per cent, the highest level in seven years.

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

The Dow was down 482 points, or 1.8 per cent, to 25,950. The Nasdaq fell 177 points, or 2.3 per cent, 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 per cent.

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

Sears Holdings plunged 37 per cent 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 per cent, to 2,840.

The Dow Jones Industrial Average lost 342 points, or 1.3 per cent, to 26,090. The Nasdaq composite fell 152 points, or 2 per cent, 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 per cent in early trading Wednesday and 3M gave up 1.6 per cent.

Sears Holdings plunged 37 per cent 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 per cent, to 2,864.

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

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