Stocks closed down significantly on Wednesday as bond yields spiked amid deficit concerns centered on a tax cut measure under consideration in the U.S. House.

The Dow Jones Industrial Average closed down 817 points, or 1.9%, while the S&P 500 declined 1.6%. The tech-heavy Nasdaq dropped 1.4%.

The sell-off on Wall Street coincided with a surge in bond yields, which in turn raised the cost of U.S. borrowing and stoked investor fears about the wider impact across the economy.

The 10-year Treasury yield jumped from 4.48% to 4.58%, reaching its highest level since February.

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