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Sell-off accelerates amid surging bond yields, Dow falls 400 points
PUBLISHED WED, FEB 24 20216:03 PM ESTUPDATED THU, FEB 25 202112:39 PM EST

https://www.cnbc.com/2021/02/24/stock-market-open-to-close-news.html

U.S. stocks fell on Thursday as higher bond yields continued to put pressure on high-growth technology stocks.

The Dow Jones Industrial Average fell 410 points after closing at a record high in the previous session. The S&P 500 lost 1.9%, while the tech-heavy Nasdaq Composite slid 2.8% as Alphabet, Apple and Microsoft all slid more than 2%. Tesla dropped 7%.

The 10-year Treasury yield topped 1.49% Thursday, hitting its highest level since February 2020. The jump put the benchmark rate above the S&P 500's dividend yield, reducing the relative appeal of equities, which are already considered riskier assets. Higher rate could also hit the growth-oriented technology sector especially hard as the group has relied on easy borrowing.

We shall see.