S&P 500’s slump this week wipes out October gains

U.S. stocks are sliding this week, erasing October’s gains, as higher Treasury yields weigh on markets. The Dow Jones Industrial Average DJIA , S&P 500 SPX and Nasdaq Composite COMP were all down heading toward the closing bell on Friday, with each index on pace for a weekly loss. Investors saw this month’s gains evaporate on Thursday, as equities fell under pressure from rising interest rates in the bond market as investors weighed Federal Reserve Chair Jerome Powell’s remarks that another rate hike may be needed to slow the economy and bring down inflation. So far this month, the Dow has slumped 1%, the S&P 500 has…