Stocks fall as yields continue to climb; GameStop surges
Stocks moved solidly lower Thursday as the recent theme of the market — rising bond yields and falling prices of technology companies — continued to weigh on trading.
Shares of several companies embraced by online retail investors earlier this year were sharply higher, including GameStop, which surged 71%.
The S&P 500 index fell 1.7% as of 12:14 p.m. Eastern in afternoon trading. The Dow Jones Industrial Average was down 356 points, or 1.1%, to 31,669 and the Nasdaq Composite, which is weighted heavily toward technology companies, was down 2.5%.
Once again it was the bond market that was driving the stock market’s direction and investors’ moods. The yield on the 10-year U.S. Treasury note rose to 1.46%, a level not seen in more than a year and far above the 0.92% level it was…