USA: Wall Street drops back to lowest since 2020 as fear returns
NEW YORK (AP) — Stocks are back to tumbling on Wall Street Thursday as rising bond yields and worries about a possible recession put the squeeze back on markets.
The S&P 500 was 2.1% lower in midday trading and back to its lowest level since late 2020. The washout has the index on track to more than erase its big rally from a day before. That’s when forceful moves by the Bank of England to get suddenly spiking U.K. yields under control triggered a global burst of relief among investors.