New York Stocks Fall for Fourth Straight Day as Oil Prices and Treasury Yields Surge

[Financial News] New York stocks fell for a fourth consecutive day, weighed down by surging international oil prices, sharply higher Treasury yields and concerns over inflation.
On the 10th (local time), all three major U.S. stock indexes weakened as they faced persistently high international oil prices and a sharp rise in U.S. Treasury yields. Investor sentiment deteriorated significantly as concerns about a resurgence of inflation spread across the market.
At the New York Stock Exchange (NYSE) on the 10th (local time), the Dow Jones Industrial Average (DJIA) closed at 52,064.10, down 316.5 points, or 0.60%, from the previous session.
The S&P 500 Index, which is dominated by large-cap stocks, fell 44.66 points, or 0.58%, from the previous session to 7,591.70. The technology-heavy NASDAQ Composite Index also ended the session at 26,081.72, down 171.62 points, or 0.65%. As a result, all three major indexes extended their declines for a fourth consecutive trading session.
The market was held back by the continued rise in international oil prices and the resulting sharp spike in U.S. Treasury yields. Growing concerns that higher energy prices would reignite inflation reduced expectations for interest-rate cuts by the Federal Reserve System (the Fed). This led to higher market interest rates and increased selling pressure in stocks.
Stock-market experts noted, "Unless inflationary pressure from rising oil prices eases, volatility across the stock market, including technology stocks, could persist for the time being."
[email protected] Yoon Jae-jun Reporter