Dow closes more than 300 lower as 10-year Treasury yield soars to another 16-year high

(CNBC) -- Stocks dropped Wednesday as earnings season gained steam and Treasury yields climbed to multiyear highs.

The Dow Jones Industrial Average slipped 332.57 points, or 0.98%, to finish at 33,665.08. The S&P 500 slid 1.34% to 4,314.60, while the Nasdaq Composite dropped 1.62% to 13,314.30. None of the three major indexes traded in positive territory at any point during the session.

The 10-year Treasury yield climbed on Wednesday, breaking above 4.9% for the first time since 2007. Meanwhile, the average rate on the popular 30-year fixed mortgage rate just hit 8%, the highest level since mid-2000.

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