Market Pulse: Nasdaq Composite closes in correction for first time since March as stocks extend slide

U.S. stock benchmarks closed sharply lower Wednesday, with the Nasdaq Composite Index COMP, -1.15% finishing at correction for the first time since March 8, as sharply higher bond yields and elevated inflation rattled investors for another session.

Banks stocks also remained in the spotlight, with Morgan Stanley MS, +1.83% and Bank of America BAC, +0.39% reporting quarterly results.

The Nasdaq Composite closed down 1.2% to reach 14,340, sinking more than 10% from its Nov. 19 peak and meeting the commonly used definition for a correction.
The Dow Jones Industrial Average DJIA, -0.96% closed around 340 points, or 1%, lower at 35,029, on a preliminary basis, weighed by losses in Boeing Co. BA, -3.52%, Caterpillar Inc. CAT, -3.10% and Goldman Sachs Group Inc. GS, -2.00%
The S&P 500 index SPX, -0.97% closed 44 points, or 1%, lower at about 4,532. Consumer discretionary sector SP500.25, -1.81% led losses, down 1.8%, followed by a 1.7% decline in financials SP500.40, -1.65%.

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