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Saturday, April 17, 2021

Stock market reels on recession fears, Dow drops 800 points

NEW YORK (AP) — The Dow Jones Industrial Average sank 800 points after the bond market flashed a warning sign about a possible recession for the first time since 2007.

The yield on the 10-year Treasury briefly dropped below the two-year yield Wednesday, an ominous signal that has predicted past recessions.

Investors have been plowing money into long-term U.S. government bonds for months, sending yields sharply lower, as they anticipate slower economic growth.

Macy’s plunged 13% after slashing its full-year profit forecast.

The Dow Jones Industrial Average fell 800 points, or 3%, to 25,479.

The S&P 500 lost 85 points, or 2.9%, to 2,840. The Nasdaq lost 242 points, or 3%, 7,773.

Bond prices soared. The yield on the 10-year Treasury sank to 1.58% from 1.68% Tuesday.

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