Dow drops about 200 points, snaps 8-day winning streak after interest rates surge
The benchmark U.S. 10-year Treasury yield, which moves inversely to its price, hit 3.09 percent on Tuesday, its highest read since 2011.
The move higher in yields put pressure on stocks, leading the Dow to close lower for the first time in nine days.
"People are trading the market in short increments, but they're not looking at the fundamentals" which are "still strong," notes one strategist.
Home Depot also contributed to the Dow's decline, as its shares fell 1.6 percent after reporting weaker-than-expected quarterly sales.
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