Traders work on the floor of the New York Stock Exchange in New York City.
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The Dow Jones Industrial Average narrowly snapped its longest losing streak since 1974 on Thursday.
The 30-stock Dow added 15.37 points, or 0.04% to close at 42,342.24. The S&P 500 slid 0.09% to 5,867.08, while the Nasdaq Composite fell 0.10% to 19,372.77.
Though the major averages initially rebounded to start the session – with the Dow up more than 460 points and the S&P 500 up more than 1% at their respective highs of the day – they shed their gains as the day went on, resulting in a very weak close. Seven of the 11 sectors of the S&P 500 ended the day lower.
The 10-year Treasury yield also rose for a second day, topping 4.5% and pressuring stocks. The benchmark yield surged more than 13 points in the previous session.
The major averages plunged Wednesday after the Federal Reserve struck a heavy blow against the roaring bull market, signaling that it was likely to cut interest rates only twice next year, down from the four reductions that had been penciled in during its last forecast, in September. The central bank also trimmed its benchmark overnight borrowing rate a quarter percentage point Wednesday, to a target range of 4.25% to 4.5%, but the question now is what policymakers will do in 2025.
“I think that this correction could last a bit,” Paul Meeks, Harvest Portfolio Management’s co-chief investment officer, told CNBC’s “Squawk Box” on Thursday. “You’ve seen…
