Stocks end winning streak amidst bond yield spike
Los Angeles —
Wall Street stocks slid on Thursday, ending one of the longest winning streaks in two decades as yields rose following reports of a resilient jobs market.
The 10-year Treasury yield jumped to 4.634% after Federal Reserve Chair Jerome Powell hinted at future interest rate hikes in the future to bring down inflation.
The Dow Jones Industrial Average slid 0.65% to close at 33,891.94.
The S&P 500 dropped 0.81% to 4,347.35 while the tech-heavy Nasdaq Composite fell 0.94% to close at 13,521.45.
The Nasdaq Composite is the only major average in positive territory this week with a 0.3% gain, while both the Dow Jones and S&P 500 0.5% and 0.3% respectively.
High interest rates coinciding with high bond yields have continued to plague the stock market for months as they continue to hurt investments.
