Wall Street's main indexes ended sharply lower on Tuesday as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.
Adding to investor anxiety was the potential of a partial U.S. government shutdown by the weekend, which ratings agency Moody's warned would harm the country's credit.
"We continue to adjust to the higher interest rates," said Brad McMillan, chief investment officer for Commonwealth Financial Network. According to preliminary data, the S&P 500 lost 63.77 points, or 1.47%, to end at 4,273.67 points, while the Nasdaq Composite lost 206.02 points, or 1.55%, to 13,065.30. The Dow Jones Industrial Average fell 388.75 points, or 1.14%, to 33,618.13.A
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