The Dow Jones Industrial Average fell 248.13 points, or 0.65 per cent, to 37,735.11, the S&P 500 lost 61.59 points, or 1.20 per cent, to 5,061.82 and the Nasdaq Composite lost 290.07 points, or 1.79 per cent, to 15,885.02. ― Reuters picNEW YORK, April 16 ― US stocks closed sharply lower yesterday, as an early lift from a strong retail sales report succumbed to a jump in Treasury yields and concerns about rising geopolitical tensions between Iran and Israel.
But gains faded over concerns the hostilities between Israel and Iran could continue to flare, and Treasury yields jumped, with the benchmark 10-year US Treasury note hitting its highest level since November. The S&P 500 is now down 2.64 per cent over the past two sessions, its biggest two-day drop since early March 2023. The index also closed below its 50-day moving average, a technical support level, for the first time since November 2.
Stocks have struggled recently, with the S&P 500 suffering two straight weeks of declines and its biggest weekly percentage drop since October last week as investors have pushed back expectations for the timing and size of any rate cuts from the Federal Reserve. Salesforce stumbled 7.28 per cent after Reuters reported, citing a source, that the customer relations software maker was in advanced talks to acquire Informatica.