Stock market today: Unrelenting rise in Treasury yields drags Wall Street sharply lower
Wall Street is sinking as it focuses on the downside of a surprisingly strong job market NEW YORK -- Wall Street is sinking Tuesday as it focuses on the downside of a surprisingly strong job market . The S & P 500 was 1% lower in morning trading and back to where it was in June. The Dow Jones Industrial Average was down 260 points, or 0.8%, at 33,172, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 1.4% lower. Stocks fell as the pressure on them cranked even higher from rising Treasury yields in the bond market. Such weight has been the main reason the stock market has lost roughly 40% of its value since the end of July, after charging higher for much of the year. The 10-year Treasury yield climbed again Tuesday, up to 4.75% from 4.69% late Monday and from just 0.50% early in the pandemic. It’s near its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected. When bonds are paying so much more in interest, they p...