Dow Sinks 85; Nasdaq Tumbles 115
NEW YORK (AP) _ The Dow Jones industrial average is down 85 points in today’s early going. Losing issues on the New York Stock Exchange hold a 3-1 lead over gainers.
The Nasdaq Composite Index is off 115 points and the Standard & Poor’s 500 Stock Index is down 14 points.
Stocks are adding to yesterday’s losses to begin the trading year on Wall Street.
The declines hit nearly every sector of the market except for the high-tech issues, which sent the Nasdaq to another new high.
Analysts blame yesterday’s losses on a big spike in bond market interest rates.
They say investors are worried the Fed will raise short-term interest rates early this year.
The bond market has turned the corner, and is firming up today.
But equities markets have been sharply lower across Europe.