US stocks close lower, Dow Jones drops 700 points

US stocks closed lower on Aug. 20’s session as Treasury yields resumed their climb, despite the Treasury Department’s plan to purchase more long-term debt, fueling concerns over higher borrowing costs.

At Thursday’s close, the Dow Jones Industrial Average fell 1.32%, or 703 points, to 52,759.

The broader S&P 500 declined 0.87%, or 66 points, to 7,641, while the Nasdaq Composite fell 1%, or 263 points, to 26,067.

The STOXX Europe 600 fell 0.12% to 650, marking its seventh consecutive session of losses.

The UK’s FTSE 100 held steady at 10,748, Germany’s DAX fell 0.42% to 25,983, and France’s CAC 40 decreased 0.57% to 8,453.

Japan’s Nikkei 225 rose 1.36% to 66,216, while the broader TOPIX grew 1.18% to 4,059.

Brent crude futures for October delivery rose 2.36%, or $2.16, to $93.78 a barrel.

US Nymex crude futures for September delivery, which expired today, climbed 2.33%, or $2, to $87.83 a barrel.

Gold futures for December delivery rose 0.57%, or $26.1, to $4,571.4 an ounce.

What’s behind the market moves?

Investor sentiment was dampened by renewed selling pressure in the bond market and rising oil prices amid heightened geopolitical uncertainty in the Middle East.