A trader works on the floor of the New York Stock Exchange on Monday (local time). [AFP]
A trader works on the floor of the New York Stock Exchange on Monday (local time). [AFP]

All three major US stock indexes fell Monday (local time) as US Treasury yields climbed to new highs amid the continuing standoff between the United States and Iran.

The Dow Jones Industrial Average closed down 347.11 points, or 0.67 percent, at 51,481.51.

The S&P 500 fell 59.72 points, or 0.77 percent, to 7,683.69, while the technology-heavy Nasdaq Composite dropped 248.34 points, or 0.92 percent, to 26,820.38.

Oil prices surged after the United States rejected Iran's "seven-day plan," which included a proposal to reopen the Strait of Hormuz, reigniting a selloff in US Treasurys.

The yield on the benchmark 10-year US Treasury note climbed above 5.20 percent during trading, its highest level since 2007. The 30-year yield also topped 5.50 percent, reaching its highest point since 2004.


yckim6452@heraldcorp.com