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Dow drops 830 points and books worst one-day fall since February

Mark DeCambre
Dow drops 830 points and books worst one-day fall since February

The Dow Jones Industrial Average fell more than 830 points, underlining an unraveling of the main U.S. stock markets on Wednesday as rates climbed. The Dow finished off 832 points, or 3.2%, at 25,598 and notched its ugliest day since Feb. 8, as Wall Street investors reacted to a rising-rate environment that has seen the 10-year Treasury note yield 3.22%--its highest level since 2011. The S&P 500 index closed down 3.2% at 2,785, also its worst session in 8 months. Meanwhile, the Nasdaq Composite Index tumbled by the most among its equity peers. It dropped 4.1% at 7,422 and registered its worst day since June 24 of 2016. The index also tumbled below its 200-day moving average, viewed by technical analysts as a gauge of bullish and bearish momentum in an asset.