Nasdaq enters correction territory as stocks close lower

New York Wall Street has had a rocky start to the year: Stocks again finished lower Wednesday and the Nasdaq Composite closed in correction territory, defined as a minimum 10% drop from its high.

For the Nasdaq, that last peak was its record close on November 19.On Wednesday the tech-heavy index finished down 1.2%, 10.7% below the record.The other two major indexes also closed in the red, with the S&P 500 falling nearly 1%, and the Dow also ending nearly 1%, or 340 points, lower.So what is spooking the market?Read MoreThere's plenty going on. Bond yields have been rising around that world in anticipation of higher interest rate policies from global central banks.

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