Stocks Slip Wednesday as Treasury Yields Hit Highest Since 2002
U.S. stocks closed lower Wednesday. The Dow fell 341.41 points (-0.66%) to 51,179.87, the S&P 500 slipped 0.22% to 7,801.77, and the Nasdaq eased 0.22% to 27,538.69.
Bond markets drew more attention: the 10-year Treasury yield touched 5.36% intraday, its highest since 2002, while the 30-year approached 5.66%. Minutes from the Fed's September meeting, released the same day, showed most officials expecting one more rate hike this year.
Higher yields are flowing straight into borrowing costs: the average 30-year mortgage rate has reached 7.52%, and a homebuilder ETF fell 2.6% on the day. For homebuyers, the cost of locking a rate now sits at a two-decade high. (GSM, from WSJ and MarketWatch closing data)
Source: GSM · USA (original Chinese edition)
Photo: 图片 Image: NYSE Institute, by UKinUSA / Wikimedia Commons（CC BY-SA 2.0）
