U.S. stocks and bonds suffered a wave of selling after America’s credit downgrade, sending Treasury yields to the highest levels of the year and major indexes toward their worst session in months.
The S&P 500 fell 1.4%, while the tech-heavy Nasdaq Composite lost 2.2%, its worst one-day performance since February. The Dow Jones Industrial Average shed 348 points, or 1%, dragged down by shares of Intel and Microsoft. The declines followed a global selloff in markets in Europe and Asia.
The yield on the 10-year Treasury note rose to 4.077%, its highest level since November, as bond prices fell.
Read the full story on The Wall Street Journal here.