Economy / Markets
Wall Street retreats from records as long-dated Treasury yields hit a 24-year high
US stocks closed lower on October 7, a day after the S&P 500 and Nasdaq set record closes, as the 10-year Treasury yield touched 5.36% intraday, its highest since 2002, and the 30-year neared 5.73%. The Dow fell 0.66% to 51,179.87, the S&P 500 eased 0.22% to 7,801.77 and the Nasdaq slipped 0.22% to 27,538.69. A $39bn 10-year auction drew strong demand, easing yields late in the session. Oil-linked inflation fears and rising sovereign and corporate debt drove the bond selloff.