Wall Street dropped Wednesday as a bond selloff sent Treasury yields to levels last seen more than 20 years ago. The Dow lost about 273 points, or 0.5%, the S&P 500 slipped 0.2% from its record and the Nasdaq Composite fell 0.4%. The 10-year yield touched 5.365%, its highest since April 2002, and the 30-year reached 5.732%, a peak since May 2002. The 10-year later eased from its high after a solid $39 billion auction, which helped stocks trim losses. Banks led the declines on worries that higher rates will hurt lending. Goldman Sachs and Citigroup fell nearly 2%, while Bank of America, Wells Fargo and JPMorgan lost about 1% each.

Was this writing helpful?

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:

Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.