Business Report; Stocks tumble, oil slides

October 04, 2018 - 3:38 pm

Frank Miller reporting...

Stocks tumbled on Wall Street today as government bond yields continued to surge.

The Dow was down around 200 points as traders became more concerned about the Fed raising rates more aggressively than currently expected.

Comments from Fed Chairman Jerome Powell Wednesday added to those concerns.

The Nasdaq was off 145. The Standard and Poors 500 dropped almost 24.

As investors focused on interest rates they largely ignored another positive batch of economic data.  The Labor Department said today that initial jobless claims fell 8,000 from last week to 207,000.  Traders now await the monthly jobs report on Friday.

In other economic news the Commerce Department said that there was a bigger than expected rebound in factory orders during the month of August. 

Among stocks, shares of Barnes & Noble saw strong gains today after the bookseller announced that it was exploring a possible sale of the company. 

And oil prices continued to fall after data showed a build in U.S. crude inventories, and as reports suggested that Russia and Saudi Arabia reached a deal privately to increase output.

Oil was down $2.07 to $74.34 a barrel. 

Comments ()