Business
Stock market today: Unrelenting rise in Treasury yields drags Wall Street lower
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NEW YORK –
Wall Street is sinking again under the weight of higher yields in the bond market.
The S&P 500 fell 0.5 per cent Tuesday and is back to where it was in June.
The Dow fell 157 points, and the Nasdaq composite was down 0.5 per cent.
After charging higher much of the year, U.S. stocks have lost roughly 40 per cent since the end of July.
The main culprit is an unrelenting rise in Treasury yields, which have reached levels unseen in more than a decade. The 10-year Treasury yield climbed again to 4.71 per cent from 4.69 per cent late Monday and from just 0.50 per cent early in the pandemic.
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