Dow skids over 425 points Tuesday
The Dow Jones Industrial Average wiped out its 2023 gains on Tuesday as stocks extended a selloff in the face of a continued rise in Treasury yields.
The Dow DJIA fell 433 points, or 1.3%, to 33,000, leaving the blue-chip gauge down 0.5% for the year to date. The S&P 500 SPX was down 1.5%, trimming its year-to-date gain to 10.1%. The Nasdaq Composite COMP shed 1.8%, leaving it up around 25% so far in 2023.
Stock-market gains this year have been led largely by megacap tech stocks, boosting the tech-heavy Nasdaq and buoying the large-cap benchmark S&P 500. An equal-weight measure of the S&P 500, however, is negative on the year, underlining the outsize role of a handful of market leaders in overall index gains.
The Invesco S&P 500 Equal Weight ETF RSP is down 2% so far in 2023.