Markets Right Now: Stocks fall sharply as bond yields rise

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are falling sharply on Wall Street as bond yields continue to rise, putting the S&P 500 index on track for its fifth drop in a row.

Technology stocks, some of the biggest winners over the past 12 months, fell much more than the rest of the market Wednesday. Microsoft gave up 3.3 percent.

Treasury yields rose again, tempting more investors away from stocks. The yield on the 10-year Treasury note rose to 3.22 percent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 fell 39 points, or 1.4 percent, to 2,840.

The Dow Jones Industrial Average lost 342 points, or 1.3 percent, to 26,090. The Nasdaq composite fell 152 points, or 2 percent, to 7,585.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street led by drops in technology and industrial companies.

Microsoft lost 1.4 percent in early trading Wednesday and 3M gave up 1.6 percent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,864.

The Dow Jones Industrial Average lost 117 points, or 0.4 percent, to 26,313. The Nasdaq composite fell 73 points, or 1 percent, to 7,663.

Bond prices fell. The yield on the 10-year Treasury rose to 3.23 percent.