Actually, the S&P close is more than 2% from the high but the important point is this close is the biggest daily reversals since 2016. Look at those S&P and DOW daily candles.
S&P 500 closes lower in biggest reversal since February 2016 as rates pop
- The S&P 500 pulled back 0.5 percent after rising as much as 1.2 percent. The Dow logged its biggest reversal since August 2015.
- Wednesday's moves come after three volatile sessions in which fear of rising inflation sent interest rates higher, pressuring equities.
- Traders also blamed computerized trading and sharp moves in obscure volatility funds that use leverage for the market's recent swings.
The indexes began losing steam in afternoon trade shortly after a rise in the 10-year Treasury yield, rekindling the worry that sparked this cascading market plunge last Friday.
"That's probably the biggest thing happening here," said Dave Lutz, head of ETF trading at JonesTrading, referring to the rise in yields. He also noted the rise — which followed a lackluster auction — pressured stocks earlier in the session.