U.S. Markets closed

Dow falls nearly 550 points as Nasdaq enters correction territory

Sunny Oh

U.S. stocks closed lower on Thursday, extending a bout of weakness sparked by several days of higher bond yields. Stocks continued to fall even as bonds pared back some of their losses on Thursday. The S&P 500 fell 57 poitns, or 2.1%, to around 2,728. The Dow Jones Industrial Average shed 546 points, or 2.1%, to 25,053. The Nasdaq Composite slipped 93 points, or 1.3%, to 7,329. The S&P logged its sixth straight decline, marking its longest losing streak since November. The tech-heavy Nasdaq fell into correction territory, defined as a 10% decline from its record closing high. This comes after the Dow and S&P posted their biggest one-day drop since February on Wednesday. In company news, Delta Air Lines Inc. jumped 4.3% after the company's third-quarter earnings beat expectations.