Dow closes nearly 500 points lower as investors fear the US economy is faltering

Stocks declined on Thursday as new data raised concerns about the US economy weakening while interest rates remain at a 23-year high. The Dow fell by 496 points, the S&P 500 lost 1.4%, and the Nasdaq Composite dropped 2.3%. The 10-year US Treasury yield fell below 4%. The economic data showed an increase in first-time jobless benefits filings and a rise in continuing claims, indicating potential cracks in the labor market. Despite the turbulence in the markets, the US economy remains strong, and investors seem unaffected by political developments.