Wall Street ends lower as Treasury yields climb
Wall Street closed lower on Wednesday, as long-dated US Treasury yields resumed their climb, reviving fears about inflation and mounting debt the day after the S&P 500 and the Nasdaq hit record closing highs. All three major US stock indexes were modestly lower, with the S&P 500 and the Dow snapping four-day winning streaks. The Nasdaq notched its first down day in six. Brent crude settled above US$100 per barrel and long-dated Treasury yields touched a 24-year high. Iran war-related supply concerns have led to soaring oil prices, which in turn have revived inflation worries and raised the chances of a prolonged central bank rate hiking cycle. Those concerns, combined with mounting corporate and sovereign debt levels, have caused a global bond selloff, which rattled global markets in recent weeks. Investors "have been looking for some relief on oil, which would drive some relief on rates and that would therefore help the stock market," said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. "The third quarter was supposed to be the weak quarter of the year; we were supposed to get a correction," Martin added. "That didn't happen, so it's three cheers and let's take some money off the table." Stocks pared losses after crude...
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