Dow Jones closes down more than 800 points

Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest.

U.S. stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop. The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election.

Today technology stocks saw their worst overall day since 2011 as investors concerns continue to mount over rising interest rates.

The broad-based S&P 500 slumped 3.3% to end at 2,786.46, while the tech-rich Nasdaq Composite Index plummeted 4% to finish the session at 7,427.74.

The Dow Jones Industrial Average plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.

The Dow plunged almost 832 points on Wednesday, the third-worst point decline in history.

Alibaba dropped 4.1 percent after Morgan Stanley and Raymond James cut their near-term profit estimates on the Chinese e-commerce company, citing a softer economic environment in China. It was at just 3.05% early last week.

The S&P 500 index sank 94.66 points, or 3.3 per cent, to 2,785.68.

Zechner says after booming for so long, stock markets tend not to rise forever and markets historically correct before the broader economy does.

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Apple gave up 4.6 percent to $216.36 and Microsoft dropped 5.4 percent to $106.16. With unemployment at a 48-year-low, that trend is finally starting to change, raising fears that inflation, which has also stayed historically low, could flare up, eroding the value of stocks, salaries, your house, and pretty much everything-and chasing some skittish investors out of the stock market.

Tom Cahill of Ventura Wealth Management said investors were unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the US. Higher rates can also slow economic growth, making it more expensive for businesses to borrow and for consumers to spend. It was more than US$40 five years ago.

Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.

Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.

Treasury yields have jumped over the last week, which has weighed on stocks around the world, and the 10-year yield resumed its climb on Wednesday.

All 30 Dow stocks were in the red, sending the index below 26,000 points for the first time in a month. Brent crude, the global standard, lost 2.2 per cent to US$83.09 a barrel in London.

United States gold futures settled up $1.9, or 0.16 percent, at $1,193.4.

The dollar fell to 112.59 Japanese yen from 113.05 yen late Tuesday.

The euro and sterling rose, underpinned by optimism for a Brexit deal, while the US dollar lost ground against a basket of currencies even as USA yields hovered near multiyear peaks.

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