NEW YORK -- A spike in interest rates today pushed stocks, which have benefited for a long time from reasonable borrowing costs, sharply lower. Dow off 33.33
At the close of trading on Wall Street, the Dow Jones industrial average had trimmed sharp losses dramatically as bond futures began to recover.
But the Dow still closed down 33.33 at 9,366.34, and it got as low as 9,233.59, down 166 points, during the session.
It was the first time in a month that the Dow had lost ground three days in a row.
Broader stock indicators sank, too, with the Standard & Poor's 500 index down 8.39 at 1,245.02, and the technology-heavy Nasdaq composite index fell another 12.56 at 2,326.82.
Decliners outnumbered advancers by a 13-to-7 margin on the New York Stock Exchange, with 1,048 up, 1,957 down, and 533 unchanged.
NYSE volume totaled 741.29 million shares vs. 764.29 million yesterday.
The NYSE composite index fell 4.14 to 587.43, and the American Stock Exchange composite index fell 2.32 to 693.47.
The Russell 2000 index of smaller companies fell 2.59 to 392.67.
The benchmark 30-year Treasury bond plunged $15.63 for every $1,000 valuation, and its yield, which moves opposite the price, rose to 5.62 percent from 5.51 percent yesterday.
With one day left to trade in February, bonds are on track to post their worst monthly losses since at least 1973, according to Ryan Labs Inc.
Thirty-year bonds have handed investors losses of 7.9 percent, including accrued interest.