Dow heads for worst day in a month. Here's what's dragging it down.
Dow heads for worst day in a month. Here's what's dragging it down."
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The stock-market selloff was picking up steam on Wednesday afternoon after a lackluster auction of 20-year Treasury notes sent yields surging. The Dow Jones Industrial Average was falling by
more than 700 points, or 1.6%, to trade at around 41,951 as of 1:35 p.m. Eastern time. The blue-chip index is now on pace to log its largest daily percentage decline since April 21,
according to Dow Jones Market Data. Weighing on the index were shares of UnitedHealth Group Inc., which were tumbling nearly 5% after HSBC cut its rating on the stock to reduce, a month
after downgrading it to hold. The bank also slashed its stock-price target to $270 from $490, with the new target implying about 12% downside from current levels.
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