Dow sinks 1,000 points, marking worst trading day since 2020

Financial Markets Wall Street
Posted at 2:29 PM, May 05, 2022

The Dow sank just over 1,000 points Thursday morning, which was quite the shift from Wednesday's surge, marking it one of the worst trading days since 2020.

The Associated Press reported that the Dow tumbled 1,063 points or 3.1%, with tech companies taking the biggest hit, with the Nasdaq dropping 5%.

The S&P 500 fell 3.7%, marking its second-worst day of the year, CNBC reported.

The shift comes after Wednesday saw massive gains, which saw the Dow surge 932 points, or 2.81%, the S&P 500 gain 2.99%, and Nasdaq hit 3.19%.

According to the AP, the 10-year Treasury note increased to 3.04%, which the AP reported will probably cause mortgage rates to rise, which are already the highest since 2009.