Stocks fall amidst rising bond yields
Los Angeles —
Wall Street stocks retreated on Tuesday as treasury yields rose to their highest levels since 2007, putting pressure on investors as interest rates are expected to remain higher for longer.
Stocks traded oppositely to bond yields throughout the day.
The S&P 500 fell 1.4% to 4,229.45, closing at its lowest point in four months.
The tech-heavy Nasdaq Composite dropped 1.87% to 13,058.47 while the Dow Jones Industrial Average lost 1.3% to 33,028.38, its worst day since March and sending the index into negative territory.
The 10-year treasury yield reached 4.8% on Tuesday after a better than expected jobs report, raising prospects that the Feds could keep interest rates at their current level for longer.
