US stocks ended solidly lower on Tuesday when the first of two days of testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on the status of the government’s efforts to limit the damage economic crisis of the COVID-19 pandemic ended without major surprises. However, growing concerns about prolonged shutdowns in Europe due to the COVID pandemic helped reduce risk appetite and push CL.1 crude oil futures,
in a correction, defined as a decrease of at least 10% from a recent peak. The Dow Jones Industrial Average finished roughly 335 points, or 1%, lower at 32,395, marking its worst day since March 4. The S&P 500 SPX Index,
closed 0.8% at approximately 3,910, driven lower by declines in the XLI industry
and XLM materials,
while the Nasdaq Composite Index COMP,
ended the session 1.1% lower at around 13,228. The stock’s decline accelerated late in the session and occurred even as the 10-year Treasury note yielded TMUBMUSD10Y,
it fell almost 6 basis points to 1.63%. Bond prices rise as yields fall.