Stocks fell Thursday as interest rates jumped with Federal Reserve officials signaling interest rate hikes to slow inflation are far from over.
The Dow Jones Industrials were off their lows of the morning, but still negative 177.87 points to 33,375.96
The S&P 500 slumped 39.18 points, or 1%, to 3,919.61
The NASDAQ handed back 97.75 points to 11,085.91.
St. Louis Federal Reserve President James Bullard said in a speech Thursday that “the policy rate is not yet in a zone that may be considered sufficiently restrictive.”
Biotechnology company CytomX Therapeutics surged 26.4% on news of a research collaboration with Regeneron, which was down about 0.9%.
Bigger names also saw gains.
Merck, known for its focus on animal care and pharmaceuticals, is up 2%. UnitedHealth followed in tow, gaining 1.9%.
Biotechnology company CytomX Therapeutics surged 26.4% on news of a research collaboration with Regeneron, which was down about 0.9%.
Bigger names also saw gains. Merck, known for its focus on animal care and pharmaceuticals, is up 2%. UnitedHealth followed in tow, gaining 1.9%.
Initial jobless claims were 222,000 for the week ending Nov. 12, a drop of 4,000 from the prior week's adjusted 226,000 claims.
U.S. housing starts in October dipped 4.2% from the prior month to a seasonally adjusted annual rate of 1.425 million. Still, that came in better than the 1.41 million units expected, according to Dow Jones consensus estimates.
Prices for the 10-year Treasury fell, raising yields to 3.78% from Wednesday's 3.70%. Treasury prices and yields move in opposite directions.
Oil prices flopped $3.47 to $82.12 U.S. a barrel.
Gold prices doffed $14.00 to $1,761.80 U.S. an ounce.
Dow Gives up 150+