New York
CNN
—
Stocks, bonds and the dollar fell on Wednesday as concerns mount about the premier status of American assets.
The Dow was down 717 points, or 1.6%. The broader S&P 500 slid 1.13% and the tech-heavy Nasdaq Composite fell 0.85%.
Stocks moved sharply lower and bonds sold off after a midday auction for 20-year Treasury notes. Bond prices and yields trade in opposite directions.
The yield on the 10-year Treasury note on Wednesday rose above 4.59% and the yield on the 30-year Treasury rose above 5%, signaling investors are demanding higher rates to hold US debt.
Treasury yields have pushed higher in recent days after Moody’s on Friday downgraded US government debt, stripping the United States of its last perfect credit rating. The 30-year Treasury yield this week hit its highest level this year.
Stocks had fallen in the morning as Republicans in Congress tried to advance President Donald Trump’s “big, beautiful” tax bill. US stocks are coming off a session in the red. The S&P 500 on Tuesday snapped a six-day winning streak.
The US dollar index, which measures the dollar’s strength against six major foreign currencies, slid 0.7%.
This is a developing story and will be updated.
