Stocks drop yields soar to new highs
NEW YORK- Wall Street stocks suffered steep drops Wednesday after Treasury yields rose with the 10-year yield hitting a new multiyear high above 4.9%.
Meanwhile, the yield on the 30-year fixed mortgage rate hit its highest level since 2000 at 8%.
The Dow Jones Industrial Average fell 0.98% to 33,665.08. The S&P 500 dropped 1.3% to 4,314.60 while the tech-heavy Nasdaq Composite sank 1.62% to close at 13,314.30.
All three major indexes failed to trade in positive territory throughout the day.
Treasury yields in the bond market have remained at record highs as investors increasingly come to terms with a new normal where the Federal Reserve will likely keep interest rates higher for a while to curb persistent inflation.
High interest rates combined with high yields have been a constant thorn in the side for the stock market. 
