Concerns are starting to enter the market that inflation could be catching up and higher interest rates could pour cold water on the bull run. This lead to stocks on Wall Street falling by around one per cent.
"Many people have been waiting for it to dip as it's marched higher and higher, and we finally had two days of weakness, particularly yesterday". The Dow Jones Industrial average increase more than 200 points and as a result hit both the closing and intraday records. Health-related shares were broadly lower, with health insurers UnitedHealth Group losing 4.4 per cent and Cigna 7.2 per cent. Others with big drops included Walgreens Boots Alliance, which lost 5.2 per cent and Merck, which shed 1.6 per cent.
The 364-point dive, or 1.4%, to 26,074, was the Dow's biggest single-day loss since May.
Analysts blamed hefty losses in health care and technology stocks and declining crude oil prices, which caused energy stocks to fall.
On Tuesday, investors are likely to continue to monitor the yield on the 10-year Note.
The Dow Jones industrial average ended a two-day slide early Wednesday with a almost 1 percent surge that came on the heels of a better-than-anticipated private-sector jobs report. Eastern Time. A hike in interest rates isn't expected from the central bank's two-day policy-setting meeting, which ends today.
The Cboe Volatility index (VIX), widely considered the best fear gauge in the stock market, rose to its highest level since August.
"Investors are catching up to the fact that rates have risen", said Jonathan Mackay, investment strategist at Schroders.
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At 12:44 p.m. Eastern Time, the S&P 500 index was down 29 points, to 2,825. The investors took a keen approach to the U.S dollar and paid close attention as it rose against other currencies.
Elsewhere, the Stoxx Europe 600 fell 0.2%, pressured by declines in shares of utilities and real-estate companies. The benchmark yield started the year trading around 2.4 percent.
A surge in Boeing led Wall Street out of a two-day slump on Wednesday, but USA stocks pared gains in early afternoon trading as investors awaited the Federal Reserve's comments to gauge the future path of monetary policy.
Advancing issues outnumbered decliners on the NYSE by 1,567 to 1,298.
Pfizer shares were lower by 1.6 percent.
The S&P 500 is up 150.20 points, or 5.6 percent.
The Dow closed down 177 points Monday, its worst day since September.