NEW YORK, Sept. 25 -- The number that mattered most on Wednesday was not 352, the points the Dow Jones Industrial Average gave up, but 5.104. That is the yield, in percent, where the 10-year Treasury note ended the session, its highest since July 2007. Everyone on a trading desk knows what a number like that signals: the Federal Reserve is not finished, and the cost of money is going up again.

The Dow Jones Industrial Average fell 352.10 points, or 0.69%, to close at 51,511.59. The S&P 500 lost 58.61 points, or 0.75%, to end at 7,706.03. The Nasdaq Composite dropped 308.24 points, or 1.13%, to 26,936.04. The Russell 2000, most exposed to floating-rate financing costs, led all major benchmarks lower with a 1.77% decline, more than double ...