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Dow Jones Industrial Average Loses 2023 Gains

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The Dow Jones Industrial Average faced a significant setback on Tuesday, erasing all its gains from 2023 as stocks plummeted due to the ongoing surge in Treasury yields.

The Dow (DJIA) experienced a sharp decline of 433 points, equivalent to a 1.3% drop, bringing the blue-chip index down by 0.5% for the year to date, resting at 33,000. Simultaneously, the S&P 500 (SPX) also witnessed a decline of 1.5%, resulting in a reduction of its year-to-date gains to 10.1%. Additionally, the Nasdaq Composite (COMP) suffered a decline of 1.8%, although it still managed to maintain a positive growth of approximately 25% for the year.

Throughout this year, the stock market’s notable advancements have been predominantly driven by mega-cap tech stocks, consequently bolstering the tech-heavy Nasdaq and supporting the S&P 500, which represents large-cap companies. However, it is worth noting that an equal-weight measurement of the S&P 500 currently reflects negative performance for the year, highlighting the remarkable influence of only a small number of market leaders on the overall index gains.

Notably, the Invesco S&P 500 Equal Weight ETF (RSP) has experienced a decline of 2% in 2023 thus far.

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