Wall Street tumbles as Treasury yields and Middle East tensions rattle investors
Wall Street closed the week sharply lower as tensions in the Middle East kept oil prices elevated around $100 per barrel. Meanwhile, the Federal Reserve held interest rates steady, in line with expectations.
In addition, U.S. Treasury yields rose significantly this week due to renewed concerns about the near-term path of monetary policy after the Fed's decision to keep rates steady.
For the week, the S&P (SP500) lost -1.9%, while the tech-heavy Nasdaq Composite (COMP:IND) dipped -2.1%, and the blue-chip Dow (DJI) fell -2.1%