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Dow Plunges Almost 600 Points, Nasdaq Tanks Almost 500

It was a sea of red on Wall Street Thursday.

The Dow fell 560 points, or 1.8%, ending the session at 31,402.

The S&P fell 2.45%, and the Nasdaq Composite plunged 3.52% or 478 points to close out the day at 13,119.

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Investors sold off stocks amid news that the job market is healthier than had been expected. Jobless claims declined to 730,000 in the latest week, suggesting that the job market may be stabilizing. If so, it could signal that some of the Fed’s recent efforts to stimulate the economy may soon be coming to an end.

Meanwhile, treasury yields moved higher with the yield on the 10 -year bond creeping up to 1.5% in earlier trading, up from 1.3% last week.

 

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