Dow plummets by 700 points, tumbling below 30,000

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Dow falls 700 points, tumbling below 30,000 to the lowest level in more than a year

CNBC

U.S. stocks were under pressure Thursday as the major averages gave up gains made in the previous session after the Federal Reserve raised rates 75 basis points, its largest hike since 1994.

The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.

As stocks fell, the 10-year Treasury yield resumed its massive June run on Thursday and was last trading around 3.44% after ending May at 2.84%.

“It’s about time we exit this artificial world of predictable massive liquidity injections where everybody gets used to zero interest rates, where we do silly things whether it’s investing in parts of the market we shouldn’t be investing in or investing in the economy in ways that don’t make sense,” Allianz chief investment advisor Mohamed El-Erian told CNBC’s “Squawk Box” on Thursday. “We are exiting that regime and it’s going to be bumpy.”

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