Dow Jones drops 832 points in third worst drop in history

Amazon store. Photo: Wikimedia Commons/SounderBruce

Oct. 11 (UPI) — The Dow Jones Industrial Average experienced the third worst point decline in its history Wednesday, falling more than 800 points.

The index was down 832 points, or 3 percent, at the end of trading Wednesday. All 30 of the Dow’s stocks were in the red and it fell below 26,000 total points for the first time in a month, CNN reported.

The S&P 500 also fell 3.3 percent, marking its fifth straight decline, and the Nasdaq declined more than 4 percent, its worst percentage decline since June 2016.

Wednesday marked the largest single-day decline in the Dow Jones since Feb. 8, when it fell 1,032 points to close at 23,860. That decline came after the Dow’s largest single-day drop in history, when it fell 1,175 points earlier that month.

Shares of Amazon declined 6.2 percent Wednesday, as Netflix fell 8.4 percent and Facebook and Apple both fell 4 percent.

The Technology Select Sector SPDR Fund also fell 4.85 percent for the first time since August 2011.

Tech stocks declined due to rising bond yields, which followed a spike in rates for the benchmark US 10-Year Treasury.

The 10-year Treasury note yield traded around 3.23 percent, while the two-year yield reached its highest mark since 2008.

The rates rose Wednesday after the government released data showing the producer price index rose 0.2 percent in September and is up 2.8 percent on a year-over-year basis.


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