Stock market today: Wall Street slumps again as higher bond yields keep biting

NEW YORK — Wall Street fell for a third straight day as rising yields in the bond market keep cranking up the pressure. The S&P 500 lost 0.8% Thursday, with August on track to be its worst month of the year by far. The Dow fell 290 points, or 0.8%, and the Nasdaq composite gave back 1.2%. Stocks broadly have retreated in August, in part because a swift rise in bond yields is forcing a reassessment of how much to pay for them.

Stocks broadly have been retreating in August following a torrid first seven months of the year. That’s in part because a swift rise in bond yields is forcing a reassessment of how much to pay for stocks. Higher yields are good for bond investors, who get fatter payouts for their investments. But it hurts stock prices because investors are suddenly less inclined to pay high prices for them and other investments that aren't as steady as bonds.

Yields have been on the rise as more reports show the U.S. economy remains remarkably resilient. On the upside for markets, the data means the economy has been able to avoid a long-predicted recession. But on the downside, it could also keep upward pressure on inflation. That would give the Federal Reserve reason to keep interest rates higher for longer.Fewer workers applied for unemployment benefits last week than economists expected.

Other strong economic data recently, including a report showing an acceleration in sales growth at U.S. retailers, mean the Fed could hike interest rates again at some point, he said. Hopes had been rising on Wall Street that the Fed could be done after it raised its main rate last month to the highest level in more than two decades.

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