Stocks dropped Wednesday, giving back much of the previous day’s steep rally, as Treasury yields jumped — a potential threat to the recovery if it drives up the cost of borrowing for corporations and consumers.
The Dow Jones Industrial Average, which surged 196 points in the previous session, declined 173.47 points, or 2.1%, to 8300.02. Financial stocks led the drop, with J.P. Morgan Chase sliding 5.2% and American Express falling 4.4%. Losses stretched across the board, as all but two of the Dow’s components slid.
