NEW YORK (AP) — Pressure from the U.S. bond market hit a new level on Wall Street after a surprisingly strong report on the economy raised worries about inflation, while oil prices halted their slide.
The squeeze caused U.S. stocks to sink Wednesday, and the S&P 500 slid 0.8%.
The Dow Jones Industrial Average dropped 0.7%, while the Nasdaq composite fell 1.1% from its all-time high.
The yield on the 10-year Treasury jumped to 5.11% and is back to where it was in 2007 after a report said both activity and costs for U.S. businesses are rising at the fastest pace in years.