US Market Indexes Close Lower on Tuesday

US Market Indexes Close Lower on Tuesday

A surge in US government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China. The Dow Jones Industrial Average lost 193.07 points, or 0.8%, to 24,706.34, putting an end to a 8-day rally, the longest since last September.

The S&P 500 declined 0.7 percent to 2,711.45 as health care and real estate stocks lagged. The Nasdaq fell 59 points, or 0.8 percent, to 7,351.

The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb.

WINTER BLUES: Home Depot dropped 1.4 percent to $188.36 after the home-improvement retailer reported weaker-than-expected sales, partly because of inclement weather, and said the second quarter got off to a slow start.

Technology and health care sector companies took some of the worst losses.

World Health Organization plans to eliminate trans fats from food by 2023
They became popular in the 1950s through 1970s with the discovery of the negative health impacts of saturated fatty acids. Countries will likely have to use regulation or legislation to get food makers to make the switch, experts said.

The proximate trigger for the rise in yields was the release of United States retail sales data, which contained some upward revisions to prior months, and an Empire manufacturing survey that showed the highest prices paid component since 2011.

The S&P 500 posted 10 new 52-week highs and seven new lows; the Nasdaq Composite recorded 82 new highs and 51 new lows. The yield on the 10-year Treasury rose to its highest since July 2011. The agency also revised March sales higher to 0.8 percent from 0.6 percent.

Bond prices fell, sending yields higher, after the government reported a solid increase in USA retail sales last month. Capital One Financial rose 1.6 percent to $94.65.

Viacom slumped 6 percent and CBS rose 4 percent after CBS sued to block efforts to force the company combine with Viacom.

Benchmark US crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Copper slipped 4 cents, or 1.2 percent, to $3.06 a pound. Brent crude, used to price global oil, gained 77 cents to $79.00 a barrel in London. Gold fell $27.90, or 2.1 percent, to $1,290.30 an ounce. Australia's S&P/ASX 200 lost 0.6 percent.

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