Stocks fall sharply on worries about global economic recovery
CBSN
Stocks dropped sharply Thursday as traders turned cautious following a series of record highs for major U.S. indexes.
The Dow Jones Industrial Average was off 401 points, or 1.2%, at 34,280.51. The S&P 500 pulled back 1.2%, and about 95% of the stocks in the index were lower. Technology companies were having some of the biggest losses, which helped pull the Nasdaq composite down 1.4%. Bond yields continued to fall as traders worried that the Federal Reserve would start withdrawing some of its measures supporting the economy. The yield on the 10-year Treasury note fell to 1.30%. It traded as high as 1.74% at the end of March.
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