US stocks close at lowest since June, Treasury yields spike

At 4:12PM ET, the Dow fell 370.46 points, or 1.08%, to 34,070.42, the S&P 500 lost 72.2 points, or 1.64%, to 4,330 and the Nasdaq dropped 245.14 points, or 1.82%, to 13,223.99. — Reuters

NEW YORK: Wall Street tanked in a broad sell-off on Thursday, as investor risk appetite was dashed by worries that the Federal Reserve's restrictive monetary policy will remain in place for longer than anticipated.

All three major US stock indices tumbled more than 1% and benchmark 10-year US Treasury yields touched a 16-year peak the day after Fed chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2% target.