(CNBC) — Stocks retreated Wednesday after October’s consumer price reading showing the biggest annual jump in more than 30 years, triggering a spike in bond yields.
The Dow Jones Industrial Average shed 240.04 points, or about 0.7%, to close at 36,079.94. The S&P 500 fell 0.8% to 4,646.71. The tech-heavy Nasdaq Composite dropped nearly 1.7% to 15,622.71.
The yield on the benchmark 10-year Treasury, which had trended lower in recent weeks, jumped by about 11 basis points Wednesday after the CPI reading. (1 basis point is 0.01 percentage points.) A poor auction in 30-year bonds that afternoon added steam to the spike.
