NASDAQ index falls -1.26%. Dow snapped a three day losing streak but closes near it's lows
The major US indices are closing near lows for the day as higher rates hurt investor sentiment.
The NASDAQ index - which closed at a record level on Friday and also made new all-time intraday highs today - turned around and was the biggest decliner. The S&P index also made new intraday highs, but is closing lower on the day (and at the lows).
A snapshot of the closing levels shows:
- Dow industrial average +17.28 points or 0.05% at 35619.26. The high level took the index up 327.68 points or 0.92%. The low for the day reached 35615.55, just off the closing level
- S&P index fell -15.73 points or -0.33% at 4682.23. It's high price stalled at a gain of 45.78 points up 0.97%. The low for the day reached 4681.98 (also just off the closing level)
- NASDAQ index closed down 202.7 points or -1.26% at 15854.80 after reaching a high change of 154.70. The pair close just off it's lows for the day at 15851.00 (just off the closing level)
Higher rates took its toll on the more riskier NASDAQ index. The five year yield rose 10.9 basis points.
The U.S. Treasury sold both two and five year notes with less than stellar demand from both domestic and international investors.