Dow falls 405.41 points for third straight session as bond yields rise

  • Dow Jones Industrial Average fell for a third straight session in New York.
  • $6 billion Treasury buyback cap fell short of market expectations for the 10th.
  • Nasdaq Composite declined 168.07 points as Alphabet and Boeing fell.

The Dow Jones Industrial Average fell 405.41 points to 52,380.66 in New York on the 9th, its third consecutive decline, as rising long-term U.S. interest rates raised concerns about corporate borrowing costs. Pressure intensified after the U.S. Treasury Department set a $6 billion, or approximately ¥920 billion, cap for its long-term bond buyback scheduled for the 10th, below market expectations. Bond prices fell and yields rose. Higher crude oil prices, driven by escalating Middle East tensions, added inflation concerns and weighed on equities. The Nasdaq Composite also dropped for a third straight session, while Alphabet and Boeing declined and Chevron gained.

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