Higher bond yields, soft earnings weigh on Wall Street

NEW YORK, NY - AUGUST 27:  The New York Stock Exchange stands on Wall Street on August 27, 2013 in New York City. The Dow Jones Industrial Average fell 170 points on fears of a possible U.S. attack on Syria.  (Photo by John Moore/Getty Images)NEW YORK, NY - AUGUST 27: The New York Stock Exchange stands on Wall Street on August 27, 2013 in New York City. The Dow Jones Industrial Average fell 170 points on fears of a possible U.S. attack on Syria. (Photo by John Moore/Getty Images)

US stocks fell on Wednesday, with the Dow Industrials and S&P 500 indexes suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in bond yields.

Benchmark US 10-year note yields hit a seven-month high of 2.475 percent, buoyed by economic data, recent optimism over progress on tax reform by US President Donald Trump’s administration and anticipation of a nominee to head the Federal Reserve.

The Dow Jones Industrial Average fell 112.3 points, or 0.48 percent, to end at 23,329.46, the S&P 500 lost 11.98 points, or 0.47 percent, to 2,557.15 and the Nasdaq Composite dropped 34.54 points, or 0.52 percent, to 6,563.89. Selling was broad, with all 11 major S&P sectors in negative territory. Also, for the first time since late August, more New York Stock Exchange stocks made 52-week lows than highs.

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