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On Thursday, overall stocks descend sharply on Wall Street as investors abandoned equities across the globe due to increasing interest rates. The Dow Jones Industrial Average closed at 25,052.83 lowering down by 545.91 points. Its two-day losses have reached to more than 1,300 points.

S&P 500 went 2.1 percent down and reached 2,728.37 after losing straight for the six days. The broad index shut below its moving average since April for the first time. However, Nasdaq Composite declined 1.3 percent as to 7,329.06 this Thursday.

Dow fell down 698.97 points to its lowest in a day whereas indexes jumped after a report that Chinese President Xi Jinping and the U.S. President Donald Trump would meet at G-20 summit the next month. Now, it is taken as a positive sign by investors.

October has been proved a brutal month for investors hitherto as S&P 500 declined 6 percent this month and is just 2 percent high for this year so far. On S&P 500, the second-worst performer was the financial sector. Citigroup slipped 2.2 percent while J.P. Morgan dropped 3 percent. However, Wells Fargo fell over 1.9 percent.

The benchmark 10-year Treasury yield traded 3.13 percent down whereas 2-year yield slid 2.84 percent. The ETF bond (TLT) jumped 1.2 percent as investors demanded bonds for security.

The major tech shares have not recovered from their steep losses in the earlier session. Apple fell more than 0.9 percent after shedding its previous gains. Netflix after trading higher declined more than 1 percent. Amazon shed 2 percent after declining 6.2 percent on this Wednesday. Overall tech shares have fallen more than 4.5 percent.

The sell-off led the dropping of S&P 500 over more than 3 percent and Dow Jones sank more than 800 points, marking the worst trade day since April.