New York- Wall Street stocks declined on Thursday as Treasury yields continued to climb higher for the fourth day in a row and reached nearly 5%.
Stocks have continued to feel pressure from the bond market where increasingly yields have squeezed Wall Street since the summer.
Investors are also weighing comments from Federal Reserve Chair Jerome Powell that hinted at the prospect for more interest rate hikes if the economy stays hot and inflation remains high.
The hope for many is for the U.S. to pull off a “soft landing” to determine the future of yields and value of the USD.
The Dow Jones Industrial Average declined 0.75% to 33,414.17. The S&P 500 slid 0.85% to 4,278 while the tech-heavy Nasdaq Composite was down 0.96% to 13,186 at closing time.
All three major indexes are on track to end the week lower.
