Dow tumbles more than 650 points in midday trade as stock-market rout gathers steam Thursday

The Dow Jones Industrial Average tumbled to fresh intraday lows on Thursday, as carnage in the 122-year-old stock gauge extended another session. The Dow DJIA, -2.08% was off 650 points, down 2.7%, at 24,962 Thursday afternoon, coming fresh off the index’s 831-point tumble on Wednesday. Meanwhile, the S&P 500 index SPX, -2.09% was down 2.5% at 2,717 and the Nasdaq Composite Index COMP, -1.44% declined by 1.5% at 7,291. The equity benchmarks have been attempting to rebound from the prior session’s downdraft all day but have thus far been unable to find footing higher. Recent declines have been underpinned by a rise in U.S. government bond yields which rose to multiyear highs earlier in the week, indicating higher borrowing costs for corporations and individuals. That has caused a reassessment of equity values.

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