Rising-rate fears kept stocks in the red on Tuesday as the Dow Jones Industrial Average fell for the fourth straight day.Image Credit: Google
The Dow Jones Industrial Average declined 0.4% to close at 25,857.07, while the S&P 500 shed 0.3% to 2,822.43 and the Nasdaq Composite dipped 0.2% to 7,692.20.Image Credit: Google
The Dow and S&P 500 are coming off their worst monthly performance since February. The Dow fell 6.5% in October while the S&P 500 slid 5.1%.Image Credit: Google
Rising interest rates have been a major concern for investors as of late amid fears that they could put a dent in corporate profits and economic growth.Image Credit: Google
"What we're seeing is a bit of a flight to safety as interest rates continue to rise," said Randy Frederick, vice president of trading and derivatives at Charles Schwab.Image Credit: Google
"Higher interest rates are starting to have an impact on stock prices."Image Credit: Google
In corporate news, Sears Holdings filed for Chapter 11 bankruptcy protection on Tuesday.Image Credit: Google
The move comes after years of financial struggles for the once- iconic retailer.Image Credit: Google
Shares of Sears closed down 12.3%, while shares of its spinoff, Sears Hometown and Outlet Stores, tumbled 20.6%.
Elsewhere, Bloom Energy shares spiked 14.3% after the company's initial public offering priced above expectations.
Bloom sold 20 million shares at $15 each, raising $300 million.