[Breaking News] New York Stock Market Falls Over 2% Amid Tightening and Earnings Concerns

[Asia Economy New York=Special Correspondent Joselgina] On the 21st (local time), the U.S. New York stock market closed down over 2% across the board, as investors monitored concerns over the Federal Reserve's (Fed) prolonged tightening and corporate earnings guidance.

On this day, the Dow Jones Industrial Average closed down 2.06% compared to the previous session. The large-cap focused S&P 500 index fell 2.0%, and the tech-heavy Nasdaq index closed down 2.5%.

Concerns grew that the Fed would maintain high interest rates for a longer period, putting pressure on both the stock market and bond prices. In the New York bond market, the yield on the 10-year U.S. Treasury rose to the 3.9% range. The 2-year yield, which is sensitive to monetary policy, also jumped to the 4.7% range. Bond prices and yields move inversely.