On Wall Street, the Dow Jones Industrial Average slid 1.51%, the S&P 500 fell 1.84% and the Nasdaq Composite slipped 2.60% to close almost 10% below its record closing high on Nov. 19, which would confirm a correction. MSCI's all-country world index closed down 1.57% as tech stocks dropped in Asia overnight despite China easing policy again.
NEW YORK/LONDON: Benchmark U.S. Treasury yields jumped to two-year highs and equity markets tumbled on Tuesday, with the Nasdaq falling more than 2%, as traders braced for the Federal Reserve to tackle fast-rising inflation by tightening monetary policy.
The dollar hit a six-day high as Treasury yields surged, while inflation fears were bolstered as oil prices rose to their highest since 2014 on possible supply disruptions after attacks in the Gulf increased an already tight outlook.
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