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Oct. 27, 2021, 4:16 p.m. EDT

Dow closes 266 points lower, halts string of gains as Nasdaq ekes out 3rd straight rise and Treasurys log steepest yield slide in 3 months

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By Mark Decambre

The Dow and S&P 500 closed lower Wednesday, ending a string of gains for the equity benchmarks that have been mostly rising to all-time highs on the back of upbeat quarterly results from American corporations. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.30% closed down 266 points, or 0.7%, at about 35,491, the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.89% closed 0.5% lower at 4,552. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -2.72% finished the session nearly unchanged at 15,236, as a retreat in yields for the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.86% and the 30-year Treasury bond /zigman2/quotes/211347052/realtime BX:TMUBMUSD30Y +0.52% hit lows not seen since July 19, according to Dow Jones Market Data. Lower yields can buoy yield-sensitive sectors like information technology and investment factors like growth. In corporate results, Microsoft Corp. /zigman2/quotes/207732364/composite MSFT -1.85% reported quarterly earnings that shot over $20 billion for the first time, late Tuesday, which helped to limit declines in the broader market and supported the tech sector on Wednesday. Microsoft shares rose 4.2% to $323.17, notching a record close, according to Dow Jones Market Data. Meanwhile, in a surprise move Wednesday, the Bank of Canada said it would abruptly end its bond-buying program and warned of prolonged inflation through 2023, while also signaling it may hike interest rates sooner than expected, the second quarter of 2022.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,265.37
-450.02 -1.30%
Volume: 523.88M
Jan. 21, 2022 4:52p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,768.92
-385.10 -2.72%
Volume: 5.01M
Jan. 21, 2022 5:16p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.78
+0.02 +0.86%
Volume: 0.00
Jan. 23, 2022 11:03p
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/zigman2/quotes/211347052/realtime
add Add to watchlist BX:TMUBMUSD30Y
BX : Tullett Prebon
2.09
+0.01 +0.52%
Volume: 0.00
Jan. 23, 2022 11:03p
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 296.03
-5.57 -1.85%
Volume: 57.98M
Jan. 21, 2022 4:00p
P/E Ratio
33.09
Dividend Yield
0.84%
Market Cap
$2222.59 billion
Rev. per Employee
$973,762
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