Stocks Deepen Weekly Losses, Treasury Yields Surge
Wall Street extended this week's slide, falling as bond yields climbed to multi-year highs following the Fed's decision to keep interest rates unchanged. The U.S. dollar rose alongside Treasury yields, with the dollar index making a "golden cross" and hitting its highest level since March 9 earlier today.
The Dow and Nasdaq both shed triple digits for their worst session since Aug. 24, while the S&P 500 clocked its worst single-session drop since March 22, all three benchmarks' third-straight loss. The VIX also logged its best percentage-point gain since May.
Gold Futures Snap Win Streak After Dollar Surges
Russia added to global supply issues today, saying it will temporarily ban exports of gasoline and diesel. Logging its third consecutive daily loss, oil futures for November delivery shed 0.03 cent, or under 0.1%, to settle at $89.63 per barrel.
The dollar's surge weighed on gold futures, snapping the precious metal's five-day win streak. December-dated gold shed $27.50, or 1.4% -- its largest percentage-point decline since Aug. 1 -- to close at $1,939.60 an ounce on the day.
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