NEW YORK – Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.
The Dow and the S&P 500 notched their biggest daily decline since late January.
The benchmark 10-year Treasury yields hit a one-year high of 1.614%, prompting investors concerned about rich valuations to lock in profits on some high-flying growth stocks. [US/]
The Treasury note yield rose above S&P 500 dividend yield, wiping out the stock market yield’s strong advantage.
“Rates matter. At 1.5%, the …
Keep on reading: Wall Street ends sharply lower, tech selloff weighs as bond yields climb