CNBC | Tuesday, October 3, 2023 
Dow drops 500 points Tuesday and turns lower for 2023 on interest rate spike: Live updates

Stocks tumbled on Tuesday as Treasury yields hit their highest levels since 2007, raising concern higher interest rates would freeze the housing market and tip the economy into a recession. The Dow Jones Industrial Average lost 506 points, or 1.5%, in its biggest decline since March. The S&P 500 slid 1.6% to its lowest level since June. The tech-heavy Nasdaq Composite dropped 2.1% as growth stocks saw some of the biggest losses because of the rise in rates. With Tuesday’s losses, the Dow went into the red for the year. The broader S&P 500 is still up 10% for 2023. The 10-year Treasury yield last traded at 4.81%, reaching its highest level in 16 years. The benchmark yield has surged in the past month as the Federal Reserve pledged to keep interest rates at a higher level for longer. The 30-year Treasury yield climbed to 4.947%, also the…Read more