How the major US stock indices performed on Wednesday, May 29, 2024

US stocks closed lower under the weight of higher bond market yields.

The S&The P500 fell 0.7% on Wednesday, falling further from last week's record high. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high.

American Airlines Group led a slump for airlines after cutting earnings expectations and other financial targets for this spring. A new surge in bond market yields also weighed on the stock market overall following an auction of $44 billion in government bonds. The yield on the 10-year government bond rose to 4.61%.

On Wednesday:

The S&P500 fell 39.09 points, or 0.7%, to 5,266.95.

The Dow Jones Industrial Average fell 411.32 points, or 1.1%, to 38,441.54.

The Nasdaq index fell 99.30 points, or 0.6%, to 16,920.58.

The Russell 2000 index of smaller companies fell 30.66 points, or 1.5%, to 2,036.19.

For the week:

The S&The P 500 is down 37.77 points or 0.7%.

The Dow Jones is 628.05 points lower, or 1.6%.

The Nasdaq is down 0.21 points, or less than 0.1%.

The Russell 2000 is down 33.48 points, or 1.6%.

For the year:

The S&The P 500 rose by 497.12 points or 10.4%.

The Dow Jones is up 752 points, or 2%.

The Nasdaq is up 1,909.23 points or 12.7%.

The Russell 2000 is up 9.11 points, or 0.4%.

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