NEW YORK, New York - U.S. stocks fell sharply Thursday, spurred on by rising bond yields.
"There is a fork in the road for markets which is best served with a correction ... which is what we are seeing now as concerns of lofty tech valuations and elevated yield levels affect sentiment," Jason Ader, chief executive officer at SpringOwl Asset Management told Reuters Thomson Thursday.
The sell-off in technology stocks was most severe, with the Nasdaq Composite falling 274.28 points or 2.11 percent to 12,723.47.
The Standard and Poor's 500 fell 51.25 points or 1.34 percent to 3,768.47.
The Dow Jones Industrials lost 345.95 points or 1.11 percent to 30,924.14.
Modest losses were recorded on overseas equity markets, although the CAC 40 in Paris was unchanged, rising just 0.01 percent.
The German Dax fell 0.17 percent Thursday, while in the UK, London's FTSE 100 was off 0.37 percent.
On Asian markets, the losses were more pronounced. Tokyo's Nikkei 225 dived 628.99 points or 2.13 percent to 28,930.11.
In Australia, the All Ordinaries fell 67.30 points or 0.95 percent to 7,000.60.
Hong Kong's Sang Seng sank 643.63 points or 2.15 percent to close at 29,236.79.
China's Shanghai Composite declined 73.41 points or 2.05 percent to 3,503.49.