Stocks ended broadly lower today, extending a losing streak to five days and notching the worst losses year to date.
The Dow Jones Industrial Average and the S&P 500 both closed down 1.7%, while the Nasdaq logged a 1.8% loss. The Dow, down 213 points, had its worst point and percentage decline since Nov. 23, 2011. The S&P 500, which lost 23 points, also recorded point and percentage losses not seen since Dec. 8. The Nasdaq, down 56 points, split the difference, suffering its worst point drop since Nov. 23 and percentage decline since Dec. 8.
Investors fretted over climbing European bond yields while anticipating the start of a disappointing earnings season after hours. Although Alcoa (AA) reported a surprise profit, in general companies are expected to show slow year-over-year growth rates not seen since the financial crisis.
Supervalu (SVU)Â was a rare bright spot, adding more than 15% on its upbeat earnings and guidance. Best Buy (BBY) tumbled nearly 6% on the departure of its CEO. Hewlett-Packard (HPQ) was the only Dow component to see gains for the day, ending up 0.5%. Bank of America (BAC) was the biggest laggard of the group, sinking 4.4%; Caterpillar (CAT) was the second largest decliner, falling 3%.
