(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks fell on Monday as investors grew increasingly concerned a three-year high in the benchmark U.S. interest rate would start to slow the economy.
The 10-year Treasury yield jumped above 2.79% on Monday, levels not seen since January 2019, as the Federal Reserve braces investors for tighter monetary policy ahead.
The tech-heavy Nasdaq Composite dropped 2.18%, with losses growing deeper in the final hour of trading as growth stocks take the biggest hit from higher rates. The Dow Jones Industrial Average lost 412.05 points, or 1.2%. The S&P 500 slipped 1.7% following a losing week last week.
The post Nasdaq drops 2% as tech shares are slammed on higher rate fears, Dow falls 400 appeared first on WND.
